Wrap Technologies Files Certificate of Amendment for Series A Preferred Stock

Wrap Technologies, Inc. (OTCMKTS:WRTC) recently disclosed in an SEC filing a significant update regarding its Series A Preferred Stock. The company filed a Certificate of Amendment with the Secretary of State on December 6, 2024, amending the Certificate of Designations related to its Series A Preferred Stock.

This amendment states that in the event of a Triggering Event, as defined in the Certificate of Designations, the Series A Preferred Stock will now accrue dividends compounded monthly at a rate of 20% per annum. The Certificate of Amendment swiftly became effective upon filing with the Secretary of State.

This latest development follows a prior Amendment and Agreement executed on November 25, 2024, between Wrap Technologies, Inc. and the Series A Investors. This agreement also outlined that all unpaid payment amounts as of November 25, 2024, under the Certificate of Designations would be settled by delivering shares of Common Stock to the investors on or before the same date.

It is important to note that the detailed descriptions of both the Amendment Agreement and the Certificate of Amendment can be accessed in full within the SEC filing, comprising Exhibit 10.1 and Exhibit 3.1, respectively.

Moreover, in the same filing, Wrap Technologies, Inc. indicated that the matters described concerning the Certificate of Amendment in Item 3.03 have been incorporated into the Item 5.03 segment, involving Amendments to Articles of Incorporation or Bylaws, and a Change in Fiscal Year.

As per the Form 8-K filing, the Exhibits section contained the Certificate of Amendment of Certificate of Designations of Series A Convertible Preferred Stock (Exhibit 3.1), the Form of Amendment and Agreement with date November 25, 2024 (Exhibit 10.1), as well as the Cover Page Interactive Data File (formatted as Inline XBRL) (Exhibit 104).

Wrap Technologies, Inc.’s Chief Executive Officer, Scot Cohen, signed off on the report as duly authorized on December 9, 2024, in accordance with the Securities Exchange Act of 1934.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Wrap Technologies’s 8K filing here.

About Wrap Technologies

Wrap Technologies, Inc operates as a development stage security technology company. It focuses on delivering solutions to customers, primarily law enforcement and security personnel. The firm products includes BolaWrap 100, which is a hand-held remote restraint device that discharges an eight-foot bola style Kevlar tether to entangle an individual at a range of 10-25 feet.