secwatch.observer — SEC 8-K summary
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Issuer:     WRAP TECHNOLOGIES, INC. (WRAP)
CIK:        0001702924
Form:       8-K
Filed at:   2023-08-10T23:59:59+00:00
Accession:  0001437749-23-022858
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.70
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Wrap Technologies to acquire Intrensic for $500K + 1.25M shares; Q2 revenue up 3% to $1.20M, net loss $(5.08)M
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- Acquires Intrensic (body-worn camera and digital evidence management) for $500K cash + 1.25M WRAP shares; expected close in days.
- Q2 net revenue $1.20M (+3% YoY); gross margin improved to 56% from 39% on cost efficiencies.
- Net loss $(5.08)M ($(0.12)/share); adjusted net loss (ex one-time items) $3.68M, a 23% improvement YoY.
- Cash $18.2M at June 30; includes $7.4M pre-close proceeds from $10M preferred stock offering closed July 5.
- Appointed Kevin Mullins CEO in April; new board members; sales team expansion; strong 2H forecast.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1702924/000143774923022858/0001437749-23-022858-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1702924/000143774923022858/wrap20230809_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-23-022858

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer