---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-23-010660"
form_type: "8-K"
ticker: "WRAP"
cik: "0001702924"
company_name: "WRAP TECHNOLOGIES, INC."
filed_at: "2023-04-19T23:59:59+00:00"
generated_at: "2026-06-16T23:44:15.841274+00:00"
event_type: "leadership"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001437749-23-010660
- form_type: 8-K
- ticker: WRAP
- cik: 0001702924
- company_name: WRAP TECHNOLOGIES, INC.
- filed_at: 2023-04-19T23:59:59+00:00
- event_type: leadership
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 5.02, 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1702924/000143774923010660/0001437749-23-010660-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1702924/000143774923010660/wrap20230419_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-23-010660
- JSON: https://secwatch.observer/filing/0001437749-23-010660.json
- Plain text: https://secwatch.observer/filing/0001437749-23-010660.txt

## Key facts
- Earnings Releases
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1702924/000143774923010660/0001437749-23-010660-index.htm
- Executive change
  Glenn Hickman was terminated as Chief Operating Officer at WRAP TECHNOLOGIES, INC..
  - Action: terminated
  - Role: Chief Operating Officer
  source text: Glenn Hickman’s employment with the Company as Chief Operating Officer was terminated in connection with a broader reduction in headcount.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1702924/000143774923010660/0001437749-23-010660-index.htm
- Executive change
  TJ Kennedy resigned as Chief Executive Officer at WRAP TECHNOLOGIES, INC..
  - Action: resigned
  - Role: Chief Executive Officer
  source text: TJ Kennedy resigned as Chief Executive Officer and as a member of the Board of Directors of the Company
  evidence_url: https://www.sec.gov/Archives/edgar/data/1702924/000143774923010660/0001437749-23-010660-index.htm
- Executive change
  Kevin Mullins was appointed as Chief Executive Officer at WRAP TECHNOLOGIES, INC..
  - Action: appointed
  - Role: Chief Executive Officer
  source text: the Board of Directors appointed Kevin Mullins, the Company’s current President, to the position of Chief Executive Officer
  evidence_url: https://www.sec.gov/Archives/edgar/data/1702924/000143774923010660/0001437749-23-010660-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.