Wrap Technologies secures $4.5M in private placement

Wrap Technologies (WRAP) executed a securities purchase agreement with certain accredited and institutional investors in a private placement for the purchase and sale of an aggregate of 4,500 shares of the Company’s Series B Preferred Stock, with a stated value of $1,000 per share, convertible into an aggregate of 3,000,000 shares of common stock of the Company at an initial conversion price of $1.50 per share, and accompanying warrants to purchase up to 3,000,000 shares of common stock, for aggregate gross proceeds of $4.5 million. The conversion of the preferred stock and the exercise of the accompanying warrants are subject to stockholder approval. The warrants will have an initial exercise price of $1.50 per share, subject to adjustment, and will expire five years from the date of stockholder approval. The closing of the private placement is subject to customary closing conditions and is expected to occur on or around August 19, 2025. The Company intends to use the net proceeds of the offering for working capital and general corporate purposes.