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Wrap Tech amends Series A Preferred to accrue 20% dividend on trigger; issues 856K shares
WRAP TECHNOLOGIES, INC.
- Wrap amended Series A Preferred terms on Nov 25, 2024 with required holders including Iroquois Master Fund.
- Upon a Triggering Event, Preferred dividends accrue at 20% per annum compounded monthly.
- Accrued unpaid payments as of Nov 25 satisfied by issuing 856,109 shares of common stock.
- Series A Preferred $1,000 stated value originally issued June 2023 under Securities Purchase Agreement.