Welcome to our dedicated page for Wrap Technologies news (Ticker: WRAP), a resource for investors and traders seeking the latest updates and insights on Wrap Technologies stock.
Wrap Technologies Inc. (WRAP) delivers innovative public safety solutions through its BolaWrap remote restraint system, VR training platforms, and AI-powered evidence management tools. This news hub provides investors and public safety professionals with essential updates on the company’s operational milestones and technological advancements.
Access real-time updates on earnings reports, product certifications, and strategic partnerships. Track developments in WRAP’s law enforcement solutions including new market expansions, training program launches, and enhancements to its WrapAI evidence management platform.
Key content includes quarterly financial results, regulatory filings, product deployment announcements, and executive leadership updates. All press releases are sourced directly from official corporate communications to ensure accuracy and compliance with financial disclosure standards.
Bookmark this page for streamlined access to WRAP’s latest developments in de-escalation technologies and digital policing solutions. Check regularly for updates on patents, international distribution agreements, and field implementation case studies.
Wrap Technologies (NASDAQ: WRAP) has completed the acquisition of W1 Global, a professional services firm led by former law enforcement and U.S. Intelligence Community professionals. The acquisition aims to expand Wrap's Managed Safety and Response (MSR) Connected Ecosystem and enhance its professional services offerings.
The merged leadership team includes notable figures: Bill McMurry, a retired FBI Supervisory Special Agent, will lead Professional Services; Jim DeStefano, former Assistant Special Agent, will head Managed Safety and Response; and Ric Bachour, a former DEA leader, will support Investigative services.
The acquisition is expected to drive immediate revenue growth, be accretive, and create synergies with Wrap's existing business, including the BolaWrap program. The merger creates an end-to-end ecosystem combining W1's investigative expertise with Wrap's technology solutions, positioning the company for international expansion through W1's global network.
Wrap Technologies (NASDAQ: WRAP) has launched its Managed Safety and Response (MSR) Connected Ecosystem in Virginia, introducing an integrated approach to law enforcement training and safety solutions. The initiative, supported by Governor Glenn Youngkin, positions Virginia as an early adopter of next-generation policing solutions.
The MSR Connected Ecosystem features several key components:
- TAA-compliant, non-Chinese body cameras
- AI-powered reporting system for incident documentation
- Drone as First Responder (DFR) program
- Advanced defensive tactics training
- Connected training with in-person instruction
- Comprehensive VR training expansion
The system aims to consolidate fragmented technologies into a cohesive solution, addressing agencies' challenges in adopting new technologies and ensuring proper training integration. The initiative follows Wrap's facility relocation to Southwest Virginia, demonstrating the company's commitment to enhancing public safety through innovative technology solutions.
Wrap Technologies (NASDAQ: WRAP) announced the relocation of its manufacturing and distribution to a new 20,000-square-foot facility in Virginia. The $4.1 million project, supported by Governor Youngkin and VEDP, will create over 120 new jobs and centralize production of BolaWrap® and Wrap Reality™. The facility will include R&D zones for AR/VR and integrated public safety devices, alongside a professional services division focused on training and customer support. With over 40 partner agencies in Virginia, Wrap aims to expand its 'Made-in-America' partnerships and advance end-to-end public safety solutions.
Wrap Technologies has issued a notice to disregard their previously released news about their go-forward strategy and new Virginia facility. The original press release titled 'Wrap Technologies Unveils Go-Forward Strategy, Pioneering End-to-End Public Safety and Defense Solutions with New Virginia Facility' from November 22, 2024, should be disregarded by journalists and readers.
Wrap Technologies (NASDAQ: WRAP) announced the relocation of its manufacturing and distribution facility to Virginia, marking a strategic expansion of its public safety solutions business. The new 20,000-square-foot facility will centralize production of BolaWrap® and Wrap Reality™ platforms, while housing R&D zones for AR, VR, and integrated public safety devices. The $4.1 million project, supported by Virginia's government, aims to create over 120 new jobs and establish a professional services division focused on training and customer support. The company currently partners with over 40 agencies in Virginia, including major law enforcement departments.
Wrap Technologies (NASDAQ: WRAP) reported significant financial improvements in Q3 2024, with operating expenses reduced by 22% year-over-year to $3.9 million from $4.9 million. The company achieved major cash flow improvements, with net cash used in operations decreasing by $6.0 million to $6.9 million for the nine months ended September 30, 2024. Q3 revenue was $593 thousand, with year-to-date revenue at $3.6 million. The company is focusing on monetizing $25 million in finished goods inventory and developing an integrated technology-as-a-service solution, anticipated to launch in Q1 2025.
Wrap Technologies, Inc. (NASDAQ: WRAP), a global leader in innovative public safety solutions, has regained compliance with Nasdaq Listing Rule 5250(c)(1) regarding periodic reporting. The company received written notice from Nasdaq confirming this compliance, and the matter is now considered closed.
Importantly, the Form 10-Q financial disclosures contain no "Going Concern" opinion, indicating improved financial stability. Additionally, the company's 2025 Plan is fully funded, suggesting a solid financial foundation for future operations.
Wrap Technologies plans to provide details of its restructuring, vision, and new go-to-market strategy during the upcoming Third Quarter Earnings call, offering investors insight into the company's future direction and operational plans.
Wrap Technologies (NASDAQ: WRAP) has received a notification from Nasdaq for non-compliance with Listing Rule 5250(c)(1) due to the late filing of its Q2 2024 Form 10-Q. This follows previous notices for late filings of the 2023 Annual Report and Q1 2024 Form 10-Q. Nasdaq has granted an exception until August 30, 2024, to file the delinquent reports. The company must submit an updated compliance plan by September 3, 2024. Nasdaq may extend the compliance period to October 14, 2024. While there's no immediate effect on WRAP's listing, failure to comply could result in delisting from Nasdaq.
Wrap Technologies (Nasdaq: WRAP) has announced a significant pilot program with the San Francisco Police Department (SFPD). The SFPD will deploy 60 BolaWrap devices to its Field Training/Force Options Unit, joining 50 other California-based law enforcement agencies in adopting this innovative de-escalation tool. The BolaWrap is designed to safely restrain non-compliant individuals using a Kevlar cord, potentially reducing the need for more forceful interventions.
SFPD officers will undergo comprehensive training in July 2024 to effectively integrate the BolaWrap into their operations. This initiative aims to address the increasing number of mental health-related calls and support the advancement of community policing tactics. Wrap Technologies currently supports over 1,000 agencies across the US and more than 60 countries worldwide with its BolaWrap device.
Wrap Technologies, a leader in de-escalation tools, has addressed its audit and NASDAQ compliance issues, engaging HTL as new auditors and submitting a compliance plan to NASDAQ. The company has reduced operational expenses significantly, from $2.5 million to $700,000 per month by the end of 2024, a 72% reduction. Wrap is refocusing on customer engagement, product delivery, and use of force data capture. Their key product, the BolaWrap, is positioned to meet law enforcement's de-escalation needs amid increasing public scrutiny. The company aims to transform public safety with its non-lethal devices and training programs.
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