WRAP TECHNOLOGIES, INC. (WRAP): M&A transaction — Wrap Technologies acquires Intrensic, LLC for $500K cash and 1.25M shares

WRAP TECHNOLOGIES, INC.

Purchase price: $500K cash (subject to working capital adjustments) and 1.25M shares of WRAP common stock.
Transaction closed on August 16, 2023; acquisition of all membership interests of Intrensic, LLC.
CEO Kevin Mullins was a selling member; related-party transaction disclosed.
Shares issued in reliance on Section 4(2) of Securities Act (unregistered sale).
Inventory valued at $53,588; cash balance transfer to sellers at closing.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

WRAP TECHNOLOGIES, INC. completed an acquisition involving Intrensic, LLC for $553,588 in cash; and 1,250,000 shares of the Company’s common stock (closed 2023-08-16).

Action: acquisition
Counterparty: Intrensic, LLC
Consideration: $553,588 in cash; and 1,250,000 shares of the Company’s common stock
Closing: 2023-08-16

Exact text from the filing

the Company entered into a Membership Interest Purchase Agreement, dated as of August 9, 2023 (the “ Purchase Agreement ”), and the members of Intrensic, LLC, a Delaware limited liability company (“ Intrensic ”), including Kevin Mullins, the Company’s Chief Executive Officer (collectively, “ Sellers ”), and Buford Ortale, as Sellers’ Representative, pursuant to which the Company agreed to purchase, and Sellers agreed to sell, all of the Membership Interest of Intrensic for a total purchase price of: (i) $553,588 in cash; and (ii) 1,250,000 shares of the Company’s common stock, par value $0.0001 (“ Common Stock ”) (collectively, the “ Purchase Price ”) (the “ Acquisition ”). The Acquisition was consummated on August 16, 2023 (the “ Closing Date ”) in accordance with the terms of the Purchase Agreement.

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WRAP TECHNOLOGIES, INC. filing history →

Source: SEC EDGAR

accession 0001437749-23-024343

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