Wrap Technologies (NASDAQ: WRTC), an innovator of modern policing solutions, recently announced the closing of its $12.4 million financing led by existing investors. Wrap intends to utilize the net proceeds towards scaling engineering, product development and to provide working capital to meet the demand for its BolaWrap products and accessories. In addition, the company reported that Elwood Norris, the company’s founder and largest shareholder, exercised 100,000 outstanding warrants at a price of $5.00 each for $500,000. In combination with other investors’ recently exercised 2018 warrants, the warrants provided the company with more than $4.1 million of additional working capital. “I am very pleased that we have the resources to innovate new products to assist law enforcement to meet the demands of modern policing,” Wrap Technologies Chief Technology Officer Elwood Norris stated in the news release. “We are a dedicated pioneer of essential new innovations working with talented firms and a growing internal research team.”
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About Wrap Technologies
Wrap Technologies is an innovator of modern policing solutions. The company’s BolaWrap 100 product is a patented, hand-held remote restraint device that discharges an eight-foot bola style Kevlar(R) tether to restrain an individual at a range of 10-25 feet. Developed by award winning inventor Elwood Norris, the company’s Chief Technology Officer, the small but powerful BolaWrap 100 assists law enforcement to safely and effectively control encounters, especially those involving an individual experiencing a mental crisis. For information, visit the company’s website at www.WrapTechnologies.com.
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