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Wrap Technologies, Inc. (NASDAQ:WRAP), a manufacturer in the defense sector with a market capitalization of $89.2 million, disclosed executive compensation arrangements involving stock awards in a recent SEC filing. On Monday, the company’s Compensation Committee approved significant stock grants to two key executives. According to InvestingPro data, the company’s stock has seen a 31.8% surge over the past six months, despite facing profitability challenges.
Scot Cohen, CEO and Executive Chairman, along with Jared Novick, COO, each received a one-time grant of 250,000 restricted stock units (RSUs) that vested immediately on February 5, 2025. Additionally, both executives were awarded options to purchase up to 500,000 shares of common stock at $1.98 per share, near the current trading price of $1.93. These options are set to vest over four years on each anniversary of the grant date, contingent upon their continued service to the company.
These awards are part of the Wrap Technologies, Inc. 2017 Equity Compensation Plan, designed to incentivize and retain top management talent. The grants reflect the company’s commitment to align executive compensation with shareholder interests.
The SEC filing also detailed the exercise price and vesting schedule, providing transparency into the compensation structure for Wrap Technologies’ leadership. The financial community may view such incentives as important indicators of the company’s confidence in its leadership and long-term strategy.
This information is based on a press release statement and provides a factual report of the compensation arrangements without speculating on their potential impact on the company’s performance or stock price. The company currently maintains a moderate debt level with a debt-to-equity ratio of 0.34, while trading at relatively high revenue multiples according to InvestingPro analysis.
In other recent news, Wrap Technologies has been making significant moves. The company expanded its Equity Compensation Plan by 7.5 million shares, following approval from its stockholders. This amendment aims to align the interests of the company’s employees and leadership with those of its stockholders. Wrap Technologies also announced the re-election of all five directors to the board, who will serve until the next annual meeting in 2025.
In addition, Wrap Technologies has amended the rights of its Series A Preferred Stock holders. The amendment increases the dividend accrual rate to 20% per annum, compounded monthly, and stipulates that all accrued and unpaid amounts will be settled in shares of common stock.
In other developments, the company has opened a new manufacturing and distribution center in Virginia, a move aimed at enhancing its Made-in-America product offerings and centralizing the production of its BolaWrap device and Wrap Reality virtual reality training platform. The new facility is expected to add over 120 jobs to the local economy. These are some of the recent developments within Wrap Technologies.
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