---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-23-019439"
form_type: "8-K"
ticker: "WRAP"
cik: "0001702924"
company_name: "WRAP TECHNOLOGIES, INC."
filed_at: "2023-07-06T23:59:59+00:00"
generated_at: "2026-06-13T11:58:27.646964+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001437749-23-019439
- form_type: 8-K
- ticker: WRAP
- cik: 0001702924
- company_name: WRAP TECHNOLOGIES, INC.
- filed_at: 2023-07-06T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1702924/000143774923019439/0001437749-23-019439-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1702924/000143774923019439/wrap20230702_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-23-019439
- JSON: https://secwatch.observer/filing/0001437749-23-019439.json
- Plain text: https://secwatch.observer/filing/0001437749-23-019439.txt

## Key facts
- Material Agreements
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1702924/000143774923019439/0001437749-23-019439-index.htm

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