secwatch.observer — SEC 8-K summary
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Issuer:     WRAP TECHNOLOGIES, INC. (WRAP)
CIK:        0001702924
Form:       8-K
Filed at:   2023-06-30T23:59:59+00:00
Accession:  0001437749-23-019053
Event type: other_material
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Wrap Technologies raises $10M via convertible preferred stock and warrants
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- Gross proceeds of $10M from sale of 10,000 Series A Convertible Preferred shares (stated value $1,000) and warrants for 6,896,553 common shares.
- Conversion/exercise price set at $1.45 per share, equal to June 29 closing price; warrants exercisable after 6 months, expire in 5 years.
- Preferred shares carry 8% annual cumulative dividend, payable quarterly; closing expected July 3, 2023, subject to customary conditions.
- Net proceeds to be used for general corporate purposes; stockholder meeting required by Oct 1, 2023 to approve issuance of shares above 19.99% limit.
- Directors and certain accredited/institutional investors participated; Katalyst Securities served as placement agent with 8% cash fee and warrants.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1702924/000143774923019053/0001437749-23-019053-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1702924/000143774923019053/wrap20230629d_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-23-019053

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