Attached files
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| EX-99 - PRESS RELEASE - WRAP TECHNOLOGIES, INC. | ex99-1.htm |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM
8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report
(Date of earliest event reported): May 4, 2021
WRAP
TECHNOLOGIES, INC.
(Exact name of Registrant as specified in its Charter)
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Delaware
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000-55838
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98-0551945
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(State or other
jurisdiction
of
incorporation)
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(Commission
File No.)
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(IRS
Employer
Identification
No.)
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1817 W 4th
Street, Tempe, Arizona 85281
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(Address of
principal executive offices)
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(800)
583-2652
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(Registrant’s
Telephone Number)
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Not
Applicable
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(Former name or
address, if changed since last report)
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Check the
appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (see General Instruction A.2.
below):
☐
Written
communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
☐
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
☐
Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Indicate by check
mark whether the registrant is an emerging growth company as
defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405)
or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR
240.12b-2) ☐
If an emerging
growth company, indicate by check mark if the registrant has
elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided
pursuant to Section 13(a) of the Exchange
Act ☐
Item 8.01 Other
Events.
On May 4,
2021, Wrap Technologies, Inc. (the
“Company”) issued a press release to announce the
extension of the BolaWrap pilot program (the "BolaWrap Pilot
Program") by the Los Angeles
Police Department Board, which extension was unanimously approved
by the Los Angeles Police Commission (the "Commission") at the Commission's May 4,
2021 special meeting (“Meeting”).
At the Meeting, the Commission considered a
report by the Chief of Police, dated April 28, 2021
(“Report”),
which, in addition to its findings, recommended a one-year
extension of the BolaWrap Pilot Program. In its Report, the LAPD
utilized a more narrow definition of effectiveness than a prior
report issued in August 2020, and focused only on one specific
aspect, complete tether wraps. This resulted in two out of ten
effective wraps versus six out of nine previously reported in
August 2020 under the broader definition, which defined
effectiveness as the suspect being taken into custody without the
requirement to use additional or heightened force, including deadly
force. As the Company previously stated, various agencies define
success and effectiveness differently. As part of the
Company’s planned training to LAPDs Hollywood and Central
divisions, lessons learned from numerous field uses will be shared
to achieve optimal outcomes for use of
BolaWrap.
The Report also identified a product enhancement
matter (Company Training Bulletin 2.1-02, dated June 23, 2020)
where the Company offered customers the option to upgrade the
BolaWrap to a fixed firing pin. The BolaWrap was designed to meet
the Voluntary Performance
Standards Criteria for Evaluation of New Firearms Designs Under
Conditions of Abusive Mishandling for the Use of Commercial
Manufacturers, issued by the Sporting Arms and Ammunition
Manufacturer’s Institute, Inc. (SAAMI). The BolaWrap
was independently tested and found to meet or exceed all applicable
SAAMI standards. The Company, as do other manufacturers, routinely
makes upgrades, model enhancements and quality improvements. LAPD
withdrew the BolaWrap devices from the field in June
2020 and elected to have the BolaWrap upgrade
modification which was completed and subsequently returned within a
few days. The initial 360-day pilot program resumed and was
completed in February 2021.
A copy of the press release is attached to this
Current Report on Form 8-K as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits
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Exhibit
No.
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Description
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Press Release Dated May 4,
2021
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SIGNATURES
Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
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WRAP TECHNOLOGIES, INC.
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Date: May 4,
2021
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By:
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/s/ James A.
Barnes
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James A.
Barnes
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Chief Financial
Officer, Treasurer and Secretary
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Exhibit Index
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Exhibit
No.
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Description
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Press Release Dated May 4,
2021
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