Wrap Technologies, Inc. (NASDAQ: WRAP), a global public safety technology company, has announced the closing of a registered direct offering that generated approximately $12 million in gross proceeds. The offering involved the sale of 8,571,609 shares of common stock or pre-funded warrants at $1.40 per share to a fundamental institutional investor and an existing investor. Maxim Group LLC acted as the sole placement agent.
The company plans to use the net proceeds for general corporate purposes and working capital, including future planned business expansion. This capital infusion comes at a time when Wrap Technologies is looking to scale its portfolio of public safety solutions, which include the BolaWrap 150, Wrap Reality training platform, WrapVision body cameras, and counter-drone systems.
The BolaWrap 150, a non-lethal restraint device, has been adopted by over 1,000 agencies across the U.S. and in 60 countries. It is designed to provide law enforcement with a safer option for managing non-compliant subjects, using a multi-sensory distraction to de-escalate situations without causing pain. The device is backed by training certified by the International Association of Directors of Law Enforcement Standards and Training (IADLEST).
In addition to BolaWrap, Wrap Technologies has been expanding its offerings with Wrap Reality, an immersive VR training simulator that helps officers practice decision-making under stress, and WrapVision, a body-worn camera system that integrates with cloud-based evidence management. The company also develops counter-drone technology, including the PAN-DA and 1KC Kinetic Anti-Drone Cassette, addressing the growing need for security against unauthorized drones.
The funding is expected to accelerate the company’s growth initiatives, particularly in the areas of product development and market expansion. Wrap Technologies’ focus on non-lethal tools and training aligns with a broader trend in law enforcement to reduce injuries and fatalities. By providing tools that create time and distance in critical incidents, the company aims to improve outcomes for both officers and the public.
For more details on the offering, visit the full press release. To stay updated on the latest news from Wrap Technologies, check their newsroom.
