China chip stocks rally on self-reliance bets, Nvidia scrutiny
TEMPE, Ariz. - Wrap Technologies, Inc. (NASDAQ: NASDAQ:WRAP), a leading provider of advanced public safety solutions with a current market capitalization of $97.5 million, has announced the completion of its acquisition of W1 Global, LLC, a professional services and consulting firm with expertise in international criminal investigation and regulatory matters. According to InvestingPro data, the company generated revenues of $4.23 million in the last twelve months, operating with a moderate debt level and maintaining a healthy current ratio of 1.15. The acquisition, finalized today, is expected to enhance Wrap’s Managed Safety and Response (MSR) Connected Ecosystem and extend its international reach.
The integration of W1 Global’s team, which includes former high-ranking law enforcement and U.S. Intelligence Community professionals, aims to bolster Wrap’s professional services and consulting offerings. Bill McMurry, a retired FBI Supervisory Special Agent, will lead the Professional Services division, while Jim DeStefano, former Assistant Special Agent in Charge of a Special Operations Branch, will head Managed Safety and Response. Ric Bachour, with extensive experience in the DEA and as a U.S. Marine, will support Investigative, Regulatory, and Compliance services.
This strategic acquisition is anticipated to provide Wrap with access to a deep talent pool, particularly as individuals transition from government roles. It also positions the company for international expansion by leveraging W1’s global network and expertise. The company’s stock has shown strong momentum, with InvestingPro data revealing a significant 32.7% price return over the past six months, despite challenging market conditions. The combined capabilities of both companies are expected to meet the growing market demand for integrated safety and technology-driven professional services.
Wrap’s Chairman and CEO, Scot Cohen, expressed that the acquisition marks a transformational step for the company, projecting immediate revenue growth and synergies with existing business lines, including the revamped BolaWrap program. Bill McMurry, CEO of W1 Global, highlighted the opportunity to deliver comprehensive MSR solutions with expert consulting and cutting-edge technology integration.
Wrap Technologies is known for its innovative public safety solutions, including the BolaWrap remote restraint device, Wrap Reality virtual reality training system, and Intrensic body worn camera and evidence management solution. The company’s commitment to developing solutions that foster safer community interactions remains at the core of its mission.
This expansion through the acquisition of W1 Global is based on a press release statement and reflects Wrap Technologies’ ongoing efforts to enhance its service offerings and global presence in the public safety sector. While the company is currently not profitable, InvestingPro analysis suggests the stock is trading near its Fair Value. Subscribers can access 6 additional ProTips and comprehensive financial metrics to better evaluate this growth opportunity in the public safety technology sector.
In other recent news, Wrap Technologies has announced several notable developments. The company expanded its Equity Compensation Plan by 7.5 million shares, increasing the total to 16.5 million shares, following approval from stockholders at the Annual Meeting. This expansion aims to provide additional incentives for employees, officers, and directors. Additionally, Wrap Technologies disclosed executive compensation arrangements involving significant stock awards to key executives Scot Cohen and Jared Novick, each receiving 250,000 restricted stock units and options to purchase up to 500,000 shares. In a separate move, the company amended the rights of its Series A Preferred Stock holders, increasing the dividend rate to 20% per annum, compounded monthly, under certain conditions. This amendment, part of a Securities Purchase Agreement, allows accrued and unpaid amounts to be settled in common stock shares. The changes to the preferred stock terms are detailed in the Amendment Agreement and Certificate of Amendment filed with the SEC. These recent developments provide transparency into Wrap Technologies’ corporate governance and financial strategies.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.