8-K filed April 19, 2023, 7:59 PM ET ticker WRAP CIK 0001702924

leadership confidence high sentiment negative materiality 0.80

Wrap Technologies CEO resigns; preliminary Q1 2023 revenue estimated at $0.6-0.7M, down 56-63% YoY

WRAP TECHNOLOGIES, INC.

TJ Kennedy resigns as CEO and director; Kevin Mullins appointed CEO effective April 13, 2023.
Preliminary Q1 revenue $0.6-0.7M vs $1.6M prior year; net loss $3.7-4.3M vs $5.4M.
Operating expenses expected to be $4.0-4.5M, down from $6.1M; targeted annual cost savings of $6M.
Cash, equivalents and short-term investments ~$16M at March 31, 2023, down from $30M a year ago.
COO Glenn Hickman terminated as part of headcount reduction; separation agreement under negotiation.

item 1.01 item 5.02 item 2.02 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Departed

Glenn Hickman

Chief Operating Officer

WRAP · WRAP TECHNOLOGIES, INC.

Effective: 2023-04-17
Filed: April 19, 2023, 7:59 PM ET

Glenn Hickman’s employment with the Company as Chief Operating Officer was terminated in connection with a broader reduction in headcount.

Departed

TJ Kennedy

Chief Executive Officer

WRAP · WRAP TECHNOLOGIES, INC.

Effective: 2023-04-13
Successor: Kevin Mullins
Filed: April 19, 2023, 7:59 PM ET

TJ Kennedy resigned as Chief Executive Officer and as a member of the Board of Directors of the Company

Appointed

Kevin Mullins

Chief Executive Officer

WRAP · WRAP TECHNOLOGIES, INC.

Effective: 2023-04-13
Filed: April 19, 2023, 7:59 PM ET

the Board of Directors appointed Kevin Mullins, the Company’s current President, to the position of Chief Executive Officer

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.92

WRAP TECHNOLOGIES, INC. reported first quarter of fiscal year 2023 results: revenue between $0.60 million and $0.70 million, net income estimated to be between $3.7 million and $4.3 million.

Period: first quarter of fiscal year 2023
Revenue: between $0.60 million and $0.70 million
Net income: estimated to be between $3.7 million and $4.3 million
Result: preliminary results

Exact text from the filing

Officer search process carried out by the Board in the first quarter of 2022. Preliminary Estimated Results for Q1 2023 ● First quarter 2023 revenue is estimated to be between $0.60 million and $0.70 million, which compares to $1.6 million in the prior year period. The decline in revenue is primarily attributable to the timing of new orders being delayed until later

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Glenn Hickman was terminated as Chief Operating Officer at WRAP TECHNOLOGIES, INC..

Action: terminated
Role: Chief Operating Officer

Exact text from the filing

Glenn Hickman’s employment with the Company as Chief Operating Officer was terminated in connection with a broader reduction in headcount.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

TJ Kennedy resigned as Chief Executive Officer at WRAP TECHNOLOGIES, INC..

Action: resigned
Role: Chief Executive Officer

Exact text from the filing

TJ Kennedy resigned as Chief Executive Officer and as a member of the Board of Directors of the Company

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Kevin Mullins was appointed as Chief Executive Officer at WRAP TECHNOLOGIES, INC..

Action: appointed
Role: Chief Executive Officer

Exact text from the filing

the Board of Directors appointed Kevin Mullins, the Company’s current President, to the position of Chief Executive Officer

View on SEC.gov

12 earnings releases filed in the last 30 days. Browse all earnings releases →

WRAP TECHNOLOGIES, INC. filing history →

Source: SEC EDGAR

accession 0001437749-23-010660

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.