US LNG exports surge but will buyers in China turn up?
NORTON, Va. - Wrap Technologies, Inc. (NASDAQ:WRAP), a small-cap public safety solutions company with a market value of $95 million and trailing twelve-month revenue of $4.2 million, has announced the promotion of Jared Novick to the role of President and Chief Operating Officer. According to InvestingPro analysis, the company currently operates with a moderate debt level but faces profitability challenges. The company anticipates that under Novick’s leadership, it will introduce a new range of efficiency-driven offerings for law enforcement and federal agencies.
This strategic move comes on the heels of Wrap’s recent relocation of its manufacturing headquarters to Virginia, a decision that was publicly praised by Governor Glenn Youngkin in November 2024. While the stock has seen a significant 30% gain over the past six months, InvestingPro data shows a recent pullback of 10% in the past week. The new location is expected to enhance the company’s efforts to secure U.S. Federal government contracts and drive expansion initiatives.
Novick’s promotion is part of Wrap’s broader strategy to deliver integrated technology solutions aimed at streamlining operations and reducing costs for public safety agencies. The company has also recently acquired W1 Global, LLC, which is known for its expertise in identifying inefficiencies within government agencies.
In addition to his new executive role, Novick has invested in the company, purchasing 275,000 shares of common stock and accompanying warrants through an investment partnership affiliated with him. Trading at a price-to-book ratio of 15x, the stock currently sits near its InvestingPro Fair Value estimate. This investment underscores his commitment to Wrap’s long-term vision and aligns with the company’s growth plans.
Novick brings to the table a wealth of experience from his previous roles in U.S. Intelligence Agencies and the Office of the Secretary of Defense. His background includes founding and exiting successful startups, one of which is now a billion-dollar cybersecurity firm. His expertise is expected to be instrumental in leading Wrap through its next phase of growth, with a focus on leveraging proven technologies in public safety.
Wrap’s current portfolio includes the BolaWrap® device, the Wrap Reality™ VR training simulator, and the Intrensic body-worn camera and evidence management system. The company is committed to enhancing public safety through innovative technology and expert training. Get access to additional insights and 6 more exclusive ProTips for WRAP by subscribing to InvestingPro.
The information in this article is based on a press release statement from Wrap Technologies, Inc.
In other recent news, Wrap Technologies has secured approximately $5.8 million in private funding, which will be used for working capital and to support the company’s go-to-market strategy for its products. The investment involves the sale of over 3.2 million shares of common stock and warrants, with the securities set to be registered for resale. Additionally, Wrap Technologies has completed the acquisition of W1 Global, a professional services and consulting firm, to enhance its Managed Safety and Response Connected Ecosystem and extend its international reach. This acquisition is expected to provide immediate revenue growth and synergies with Wrap’s existing business lines.
In terms of executive compensation, Wrap Technologies’ Compensation Committee has approved significant stock grants to CEO Scot Cohen and COO Jared Novick, each receiving 250,000 restricted stock units and options to purchase up to 500,000 shares. The company has also expanded its Equity Compensation Plan by 7.5 million shares, now totaling 16.5 million shares, following stockholder approval during the Annual Meeting. The meeting also saw the re-election of all five directors and the ratification of HTL International, LLC as the independent auditors for the fiscal year ending December 31, 2024. These developments reflect Wrap Technologies’ ongoing efforts to align executive incentives with shareholder interests and to enhance its service offerings in the public safety sector.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.