secwatch.observer — SEC 8-K summary
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Issuer:     WRAP TECHNOLOGIES, INC. (WRAP)
CIK:        0001702924
Form:       8-K
Filed at:   2024-08-23T23:59:59+00:00
Accession:  0001437749-24-027679
Event type: other_material
Sentiment:  negative
Materiality: 0.75
Item codes: 1.01, 3.03, 5.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Wrap Technologies amends Series A Preferred terms to pay stock dividends; cash payment optional for July dividend
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- Series A Preferred delinquent July 1, 2024 dividend can be paid at company's option in cash or stock at lower of $1.00 or Dividend Conversion Price per share.
- October 1, 2024 dividend must be paid in stock at 80% of the average of the three lowest closing prices in September 2024.
- Certificate of Designations amended to allow stock dividends to directors/officers/employees if shareholder-approved, and to modify mandatory conversion/reemption conditions.
- Amended definition of Excluded Securities in the Purchase Agreement, expanding permissible issuances after certain conditions.
- Delinquent dividends and any related Dividend Balance Shares to be delivered on October 1, 2024; Pre-Dividend Shares due 21 trading days prior.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1702924/000143774924027679/0001437749-24-027679-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1702924/000143774924027679/wrap20240823_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-24-027679

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