Wrap Technologies Announces Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)
April 25 2022 - 8:50AM
Wrap Technologies, Inc. (Nasdaq: WRAP) (“Wrap” or the
“Company”), a global leader in innovative public safety
technologies and services, today announced that its Board of
Directors (the “Board”) has, effective as of April 19, 2022,
granted Kevin Mullins an equity award as an inducement to enter
into his employment as Wrap’s President, in accordance with NASDAQ
Listing Rule 5635(c)(4).
TJ Kennedy, Chief Executive Officer and
Director, commented:
"We are very excited to reestablish the
President role and have Kevin step into that important position.
Kevin has a strong vision for taking Wrap's go-to-market and sales
capabilities to the next level in order to drive long-term growth
globally for Wrap. He has the right background and experience to
build out a sales team, integrate marketing and, ultimately, help
us scale to enable everyone in public safety to leverage BolaWrap.
Kevin’s experience with M & A will be invaluable as we grow. It
is also important that Kevin is receiving a significant portion of
his compensation in equity, meaning his interests are very well
aligned with shareholders and the Company's future
performance."
The material terms of the inducement award are
as follows:
- restricted stock units settleable into a maximum of 175,173
shares of Wrap’s common stock, which will vest in substantially
equal installments on each of the first through third anniversaries
of the effective date of Mr. Mullins’ employment, subject to Mr.
Mullins’ continued employment through each of the vesting
dates;
- a nonqualified option to purchase up to 356,747 shares of
Wrap’s common stock, at an exercise price equal to $2.89, which
will vest in substantially equal installments on each of the first
through third anniversaries of the effective date of Mr. Mullins’
employment, subject to Mr. Mullins’ continued employment through
each of the vesting dates; and
- a nonqualified option to purchase up to 692,398 shares of
Wrap’s common stock, at an exercise price equal to $2.89, which
will vest, subject to Mr. Mullins’s continued employment with the
Company through each vesting date, as follows: (a) 1/3rd on the
date on which the Company’s market capitalization meets or exceeds
$250 million for each trading day during three consecutive months,
(b) 1/3rd on the date on which the Company’s market capitalization
meets or exceeds $500 million for each trading day during three
consecutive months, and (c) the remaining 1/3rd on the date on
which the Company’s market capitalization meets or exceeds $1
billion for each trading day during three consecutive months.
About WRAP
WRAP Technologies (Nasdaq: WRAP) is a global
leader in innovative public safety technologies and services. WRAP
develops creative solutions to complex issues and empowers public
safety officials to protect and serve their communities through its
portfolio of advanced technology and training solutions.
WRAP’s BolaWrap® Remote Restraint device is a
patented, hand-held pre-escalation and apprehension tool that
discharges a Kevlar® tether to temporarily restrain uncooperative
suspects and persons in crisis from a distance. Through its many
field uses and growing adoption by agencies across the globe,
BolaWrap is proving to be an effective tool to help law enforcement
safely detain persons without injury or the need to use higher
levels of force.
WRAP Reality, the Company’s virtual reality
training system, is a fully immersive training simulator and
comprehensive public safety training platform providing first
responders with the discipline and practice in methods of
de-escalation, conflict resolution, and use-of-force to better
perform in the field.
WRAP’s headquarters are in Tempe, Arizona. For
more information, please visit wrap.com.
Trademark Information
BolaWrap, Wrap and Wrap Reality are trademarks
of Wrap Technologies, Inc. All other trade names used herein are
either trademarks or registered trademarks of the respective
holders.
Cautionary Note on Forward-Looking
Statements - Safe Harbor StatementThis press release
contains “forward-looking statements” within the meaning of the
“safe harbor” provisions of the Private Securities Litigation
Reform Act of 1995, including but not limited to: statements
regarding the Company’s overall business; total addressable market;
and, expectations regarding future sales and expenses. Words such
as “expect,” “anticipate,” “should”, “believe”, “target”,
“project”, “goals”, “estimate”, “potential”, “predict”, “may”,
“will”, “could”, “intend”, and variations of these terms or the
negative of these terms and similar expressions are intended to
identify these forward-looking statements. Moreover,
forward-looking statements are subject to a number of risks and
uncertainties, many of which involve factors or circumstances that
are beyond the Company’s control. The Company’s actual results
could differ materially from those stated or implied in
forward-looking statements due to a number of factors, including
but not limited to: the Company’s ability to successful implement
training programs for the use of its products; the Company’s
ability to manufacture and produce product for its customers; the
Company’s ability to develop sales for its new product solution;
the acceptance of existing and future products; the availability of
funding to continue to finance operations; the complexity, expense
and time associated with sales to law enforcement and government
entities; the lengthy evaluation and sales cycle for the Company’s
product solution; product defects; litigation risks from alleged
product-related injuries; risks of government regulations; the
business impact of health crises or outbreaks of disease, such as
epidemics or pandemics; the impact resulting from geopolitical
conflicts and any resulting sanctions; the ability to obtain export
licenses for counties outside of the US; the ability to obtain
patents and defend IP against competitors; the impact of
competitive products and solutions; and the Company’s ability to
maintain and enhance its brand, as well as other risk factors
mentioned in the Company’s most recent annual report on Form 10-K,
quarterly report on Form 10-Q, and other SEC filings. These
forward-looking statements are made as of the date of this press
release and were based on current expectations, estimates,
forecasts, and projections as well as the beliefs and assumptions
of management. Except as required by law, the Company undertakes no
duty or obligation to update any forward-looking statements
contained in this release as a result of new information, future
events or changes in its expectations.Contact:Paul
M. ManleyVP – Investor Relations(612) 834-1804pmanley@wrap.com
Media Contact:
media@wrap.com
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