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TEMPE, AZ – Wrap Technologies (NASDAQ:WRAP), Inc., a company specializing in security technologies, announced that its 2024 Annual Meeting of Stockholders is scheduled for December 23, 2024. The record date for stockholders entitled to vote at the meeting is set for the close of business on November 5, 2024.
The date of the 2024 Annual Meeting has been changed by more than 30 days from the previous year's meeting, prompting the company to inform shareholders of the new deadline for submitting proposals and director nominations.
Shareholders interested in submitting a proposal for inclusion in the proxy materials must send their proposals to the company's CEO, Scot Cohen, by the close of business on October 21, 2024.
Proposals must comply with the Securities and Exchange Commission's rules and regulations to be eligible for inclusion in the proxy materials. Additionally, shareholders who wish to nominate director candidates or bring other business to the meeting outside of the SEC's Rule 14a-8 process must also submit their written notice by the October 21 deadline. The submissions must adhere to the requirements outlined in the company's amended and restated Bylaws.
Furthermore, in line with the universal proxy rules, shareholders intending to solicit proxies for director nominees other than the company's nominees must provide notice containing the information required by Rule 14a-19 under the Exchange Act by the same October 21 deadline.
This announcement from Wrap Technologies, based on a recent SEC filing, serves as a call to action for shareholders to participate in the governance of the company by submitting their proposals and nominations within the given timeframe. The precise time and location of the 2024 Annual Meeting will be detailed in the definitive proxy statement to be filed with the SEC.
Wrap Technologies, headquartered at 1817 W 4th Street, Tempe, Arizona, is incorporated in Delaware and trades on the Nasdaq Capital Market under the ticker symbol WRAP.
In other recent news, Wrap Technologies, Inc. has made significant amendments to its Series A Convertible Preferred Stock terms and has also announced a pilot program with the San Francisco Police Department.
The company has modified its dividend payment methods, allowing for the payment of dividends due on certain dates to be made in either cash or common stock at a discounted rate. These changes are documented in the company's latest 8-K filing with the U.S. Securities and Exchange Commission.
The San Francisco Police Department will integrate 60 of Wrap Technologies' BolaWrap devices into their Field Training/Force Options Unit, a move that could potentially improve the handling of incidents involving mental health crises and other complex situations.
Furthermore, the company reported preliminary revenue of $6.1 million for FY-23, with a projected 54.7% increase in revenue for the first quarter of 2024.
However, Wrap Technologies has faced compliance issues with the Nasdaq Stock Market due to delays in filing its Annual Report and Quarterly Report. The company has submitted a comprehensive compliance plan to Nasdaq to address this issue.
Additionally, the company's board member, Kevin Mullins, has resigned, leaving a vacancy that the company has yet to address. These are some of the recent developments within the company.
InvestingPro Insights
As Wrap Technologies prepares for its 2024 Annual Meeting of Stockholders, investors may benefit from additional financial insights to inform their decision-making. According to InvestingPro data, the company's market capitalization stands at $72.24 million, reflecting its current position in the security technologies sector.
InvestingPro Tips highlight that Wrap Technologies holds more cash than debt on its balance sheet, which could be a positive sign for financial stability as the company moves forward with its annual meeting and strategic plans. However, it's also noted that the company is quickly burning through cash, a factor that shareholders might want to consider when evaluating the company's financial health and future prospects.
The company's revenue for the last twelve months as of Q1 2024 was $6.9 million, with a gross profit margin of 49.14%. Despite these figures, InvestingPro data shows that Wrap Technologies is not currently profitable, with an operating income margin of -269.66% for the same period. This financial performance may be a topic of interest for shareholders at the upcoming annual meeting.
For investors seeking a more comprehensive analysis, InvestingPro offers additional tips and metrics that could provide valuable context for Wrap Technologies' financial situation and market position. There are 5 more InvestingPro Tips available for WRAP, which could offer further insights into the company's valuation, stock performance, and financial health.
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