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Tag: Wrap Technologies Inc Stock

  • Wrap Technologies Stock Gains Momentum With Latest Shareholder Letter

    Wrap Technologies Stock Gains Momentum With Latest Shareholder Letter

    Following the release of a shareholder letter, Wrap Technologies, Inc. (NASDAQ: WRAP) saw a significant increase in its stock price on the US charts today. WRAP shares climbed 23.62%, closing the weekend session at $2.12.

    Compliance And Financial Stability Efforts

    In a recent letter to shareholders, Founder and CEO Scot Cohen outlined the company’s proactive measures in addressing both audit and Nasdaq compliance issues. Wrap Technologies engaged HTL as its new auditors thirty days ago, who are currently conducting the 2023 audit. The company does not anticipate any need for restatements of its financials.

    Moreover, on June 17, 2024, Wrap Technologies submitted a comprehensive compliance plan to the NASDAQ Listing Qualifications Department. Even though acceptance is not certain, the company is hopeful that NASDAQ will allow sufficient time to complete the 10-K for 2023 and the 10-Q for the first quarter that ended on March 31, 2024.

    Strategic Operational Adjustments And Growth

    Wrap Technologies has implemented an aggressive growth strategy, expanding manufacturing operations to meet anticipated international demand. This growth was coupled with a recent audit that provided an opportunity to reassess business operations comprehensively. Consequently, Wrap Technologies introduced enhanced discipline, structure, and controls across its operations.

    The significant reduction in operating expenses, which are projected to drop from as high as $2.5 million per month in 2022 to $700,000 per month by the end of 2024, is one of the notable achievements. These cost reductions, along with strategic workforce adjustments, aim to furnish Wrap Technologies with the necessary resources to capitalize on forthcoming market opportunities.

    Leadership In De-Escalation Solutions

    Wrap Technologies has demonstrated through closer customer engagement and pilot deployments in major cities that its solutions extend beyond non-lethal devices to become vital de-escalation tools. From a domestic and global de-escalation solutions standpoint, WRAP is well-positioned to become a leading supplier. Enhancing concentration, agility, and speed of decision-making are the goals of Wrap Technologies’ organizational structure simplification and leadership refinement.

  • Wrap Technologies: Stock Soared After Sharing Strategic Plan

    Wrap Technologies: Stock Soared After Sharing Strategic Plan

    Wrap Technologies, Inc. (NASDAQ: WRAP) shares are experiencing a notable uptick on the US stock charts today, registering a 6.37% increase to reach $4.34, as of the last check during current trading session. This surge in the value of WRAP Technologies stock is attributed to the recent disclosure of meticulously devised strategic business and operational plans.

    In a significant development, Wrap Technologies (WRAP) has unveiled a proactive initiative aimed at positioning the company for substantial growth in the year 2024 and beyond. Noteworthy adjustments have been made within the organization, including a 30% reduction in the workforce, translating to an annual savings of $2.4 million.

    These workforce adjustments were implemented over the past 45 days through a combination of outsourcing and strategic reductions in headcount. In order to fortify its prospects for the future, the Company is augmenting its manufacturing capabilities at its Tempe facility and concurrently establishing robust enterprise-level sales and marketing team.

    These strategic moves are strategically devised to equip Wrap to effectively meet the escalating global demand for its innovative solutions, concurrently bolstering shareholder value. Wrap is actively executing various cost-saving measures to enhance the efficiency of its corporate structure, coupled with targeted investments in revenue-generating opportunities in both the short and long term.

    This comprehensive strategy encompasses digitization initiatives, judicious headcount reductions, and strategic outsourcing endeavors. These deliberate actions have not only resulted in substantial cost savings for Wrap but have also facilitated the redirection of investments towards initiatives with higher return on investment.

    The reduction in workforce, when harmonized with strategic outcomes, is anticipated to yield enduring benefits in terms of operational efficiency, discipline, and focused efforts, all contributing to enhanced shareholder value. In a strategic move to meet the escalating global demand for its BolaWrap Remote Restraint device, Wrap aims to amplify its production capacity by expanding its manufacturing operations in Tempe, Arizona. Leveraging state-of-the-art technology, this facility is poised for improved throughput.

    To harness prevailing industry trends, Wrap is reallocating resources to strengthen its sales and marketing infrastructure. This strategic investment is intended to facilitate the expansion of Wrap’s corporate headquarters in Miami, Florida, and the ongoing recruitment of top-tier talent at the executive and corporate levels.

  • Pre-Market Session Saw Wrap Technologies Continue To Rally

    Pre-Market Session Saw Wrap Technologies Continue To Rally

    Wrap Technologies, Inc. (NASDAQ: WRAP) is persisting in its upward trend in the premarket session today, building on the momentum it garnered during the preceding session. At the latest check, Wrap Technologies’ stock has appreciated by 3.15%, reaching a trading price of $2.62. In the previous session, WRAP stock surged an impressive 15.46%, closing at $2.54.

    Last week, Wrap Technologies (WRAP) responded to the earnest request of law enforcement agencies and introduced its Protest Riot Pack (PRP). Crafted to empower law enforcement organizations and bolster urban safety, this solution is poised to transform public safety strategies fundamentally.

    Furthermore, Wrap Technologies is in the process of developing a novel training scenario for its Wrap RealityTM virtual training platform, aimed at furnishing essential situational training to support law enforcement and the wider community. Police departments have articulated an escalating demand for enhancing conventional crowd management and de-escalation methods.

    The unveiling of the PRP solution by Wrap underscores its keen acknowledgment of the evolving challenges confronting law enforcement professionals. This launch solidifies Wrap’s commitment to advocating for both compassionate and practical solutions. BolaWrap, on its part, has been summoned to serve as a safe, non-injurious alternative to conventional crowd control tactics.

    By deploying BolaWrap, officers can remotely and safely restrain individuals during tense situations. WRAP customers have requested an easily accessible solution that makes use of BolaWrap as the preferred tool for responding to civil disturbances, including protests and riots. Wrap is unwavering in its dedication to public safety and in providing solutions that benefit the community and law enforcement, offering non-harmful approaches even in the most challenging circumstances.

    The upcoming PRP solution, set to launch in the first quarter of 2024, will also include a new protest scenario for the Wrap Reality platform. This feature will enable both existing and new Wrap Reality customers to train officers in handling tense crowd-control situations most effectively.

    Wrap Reality immerses law enforcement personnel in true-to-life experiences, facilitating their familiarity with a range of scenarios, decisions, and their outcomes. This initiative marks a significant milestone in Wrap Technologies’ overarching objective of fostering safer communities through innovative and non-lethal solutions.