Wrap Technologies secures $5.8M in private placement

Wrap Technologies (WRAP) announced it that it has executed a securities purchase agreement with certain investment partnerships affiliated with the company and certain accredited and institutional investors in a private placement for the purchase and sale of (i) an aggregate of 3,216,666 shares of common stock of the company, at a purchase price of $1.80 per share of common stock, and (ii) accompanying warrants to purchase 3,216,666 shares of common stock, for aggregate proceeds of approximately $5.8M. The warrants will be immediately exercisable at an initial exercise price of $1.80 per share, subject to adjustment, and expire five years from the date of issuance. The closing of the private placement is subject to customary closing conditions and is expected to occur on or around February 28, 2025. The company intends to use the net proceeds of the offering for working capital and general corporate purposes.