Excerpt from GlobeNewswire Article, Published on Aug 21st, 2024.
Wrap Technologies, Inc. (Nasdaq: WRAP), known for its public safety solutions like BolaWrap® and Wrap Reality™, has received a notification from the Nasdaq Stock Market LLC regarding non-compliance with Nasdaq Listing Rule 5250(c)(1). This notification was issued because the company failed to timely file its Quarterly Report on Form 10-Q for the six months ending June 30, 2024, with the Securities and Exchange Commission (SEC). This follows previous notices from Nasdaq, highlighting the company’s delays in filing its Annual Report on Form 10-K for the year ended December 31, 2023, and its Quarterly Report on Form 10-Q for the three months ending March 31, 2024.
Wrap Technologies had already submitted a compliance plan to Nasdaq, which granted them an exception until August 30, 2024, to file the overdue reports. However, with the latest notice, the company is now required to update this plan by September 3, 2024, to include the new filing delays. Nasdaq may grant an additional extension until October 14, 2024, but failure to comply by this date could result in the delisting of Wrap Technologies’ common stock from Nasdaq.
The notification does not have an immediate impact on the company’s stock listing, but it underscores the urgency for Wrap Technologies to address its reporting delays. Despite these challenges, Wrap continues to focus on its mission of enhancing public safety through its innovative technologies, which are utilized by over 900 agencies in the U.S. and 60 countries globally. The company remains committed to regaining compliance and maintaining its position as a leader in public safety solutions.
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