This information is based on a press release statement and the documents filed with the SEC, and it provides investors with insight into the corporate governance and financial mechanisms at play within Wrap Technologies (NASDAQ:WRAP).
The company's common stock is traded on the Nasdaq Capital Market under the ticker WRAP, currently priced at $1.93. Based on InvestingPro's Fair Value analysis, the stock appears slightly overvalued at current levels.
The amendment, formalized on November 25, 2024, through a Certificate of Amendment filed with the Secretary of State, increases the dividend rate to 20% per annum, compounded monthly. This change applies upon specific conditions outlined in the Certificate of Designations.
Furthermore, the agreement stipulates that all accrued and unpaid amounts as of November 25, 2024, will be settled in shares of common stock, distributed to each Series A Investor as detailed in the Amendment Agreement.
This move follows the initial Securities Purchase Agreement dated June 29, 2023, which involved the sale of Series A Convertible Preferred Stock and warrants to purchase common stock to certain directors and accredited investors. The terms of the Series A Preferred Stock were initially set forth in the Certificate of Designations filed on July 3, 2023.
The recent development may affect the rights of security holders, as the conditions under which dividends are accrued have been materially modified.
This information is based on a press release statement and the documents filed with the SEC, and it provides investors with insight into the corporate governance and financial mechanisms at play within Wrap Technologies.
The company's common stock is traded on the Nasdaq Capital Market under the ticker WRAP, currently priced at $1.93. Based on InvestingPro's Fair Value analysis, the stock appears slightly overvalued at current levels.
This information is based on a press release statement and the documents filed with the SEC, and it provides investors with insight into the corporate governance and financial mechanisms at play within Wrap Technologies.
The company's common stock is traded on the Nasdaq Capital Market under the ticker WRAP, currently priced at $1.93. Based on InvestingPro's Fair Value analysis, the stock appears slightly overvalued at current levels.
In other recent news, Wrap Technologies reported a preliminary revenue of $6.1 million for FY-23 and anticipates a 54.7% increase in revenue for the first quarter of 2024.
The company also made significant amendments to its Series A Convertible Preferred Stock terms, now offering the option for dividend payments to be made in either cash or common stock at a discounted rate.
Furthermore, Wrap Technologies has announced the integration of 60 of its BolaWrap devices into the San Francisco Police Department's Field Training/Force Options Unit.
In addition, the company has been facing compliance issues with the Nasdaq Stock Market due to delays in filing its Annual Report and Quarterly Report, to which it has responded by submitting a compliance plan. Notably, board member Kevin Mullins has resigned, leaving a vacancy yet to be filled.
In other developments, Wrap Technologies has opened a new manufacturing and distribution center in Virginia, aiming to enhance its product offerings and centralize production. This expansion is expected to create over 120 local jobs and is supported by a $4.1 million project with the Virginia Economic Development Partnership.
Finally, the company has set a deadline for 2024 shareholder proposals and director nominations, inviting shareholders to participate in the company's governance.
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