Wrap Technologies closes $10M convertible preferred offering with warrants at $1.45 conversion

WRAP TECHNOLOGIES, INC.

Gross proceeds of $10M from sale of Series A convertible preferred stock and warrants.
Preferred stock: 10,000 shares, $1,000 stated value, 8% cumulative dividend, convertible into 6,896,553 common shares at $1.45.
Warrants to purchase 6,896,553 common shares at $1.45, exercisable after 6 months, expire in 5 years.
Net proceeds of ~$9M to be used to scale sales team, boost marketing, and fund product development.
Investors include company founder, directors, and accredited/institutional investors.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

WRAP TECHNOLOGIES, INC. entered into Securities Purchase Agreement with certain directors of the Company and certain accredited and institutional investors (effective 2023-06-29).

Action: entry
Agreement: equity purchase
Counterparty: certain directors of the Company and certain accredited and institutional investors
Effective: 2023-06-29

Exact text from the filing

On June 29, 2023, Wrap Technologies, Inc. (the “Company”) entered into a Securities Purchase Agreement with certain directors of the Company and certain accredited and institutional investors (collectively, the “Investors”), pursuant to which it agreed to sell to the Investors in a registered direct offering (the “Offering”) (i) an aggregate of 10,000 shares of the Company’s newly-designated Series A Convertible Preferred Stock, with par value $0.0001 per share and a stated value of $1,000 per share, initially convertible into up to 6,896,553 shares of the Company’s common stock, par value $0.0001 per share (the “Common Stock”), at a conversion price of $1.45 per share, and (ii) warrants to acquire up to an aggregate of 6,896,553 shares of Common Stock.

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WRAP TECHNOLOGIES, INC. filing history →

Source: SEC EDGAR

accession 0001437749-23-019439

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