TEMPE, Ariz. - Wrap Technologies, Inc. (NASDAQ:WRAP), known for its advanced public safety solutions, announced a pilot program with the San Francisco Police Department (SFPD) involving the BolaWrap device, aimed at enhancing de-escalation tactics in law enforcement.
The SFPD will integrate 60 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.
The BolaWrap is a hand-held remote restraint device that discharges a Kevlar cord to safely immobilize a non-compliant person from a distance, designed to reduce the need for physical force. Wrap Technologies asserts that this partnership with SFPD underscores their commitment to providing tools that support safer policing practices and community relations.
Throughout July 2024, SFPD officers are scheduled to undergo a multi-day training program at their Academy to develop proficiency in deploying the BolaWrap. This training is certified by the International Association of Directors of Law Enforcement Standards and Training (IADLEST), ensuring that officers are well-prepared to incorporate this tool into their operations.
Wrap Technologies' CEO, Scot Cohen, expressed pride in the collaboration, emphasizing the company's mission to advance policing with solutions that protect both law enforcement personnel and the communities they serve. The BolaWrap, he noted, is a crucial component of their strategy to facilitate safer outcomes through early intervention measures.
The company, which supports over 1,000 agencies across the United States and more than 60 countries worldwide, also offers other public safety solutions such as Wrap Reality, a virtual reality training simulator, and Wrap Intrensic, an evidence management system.
The information for this article is based on a press release statement from Wrap Technologies, Inc. The company cautions that forward-looking statements within the release are subject to various risks and uncertainties and actual results may differ from those projected. These statements have not been independently verified and should not be seen as endorsements of claims made by Wrap Technologies, Inc.
In other recent news, Wrap Technologies has experienced significant changes and challenges. The company's board member, Kevin Mullins, has resigned, leaving a vacancy that the company has yet to address. This development was not linked to any internal disputes or disagreements with the company's operations or practices.
In addition, Wrap Technologies has run into compliance issues with the Nasdaq Stock Market, failing to meet the timely filing requirement for its periodic financial reports. This has led to a warning from Nasdaq, and the company now has to submit a compliance plan to avoid potential delisting.
Furthermore, the company has been notified of its non-compliance with Nasdaq Listing Rule 5250(c)(1) due to the delayed filing of its Annual Report on Form 10-K for the fiscal year that ended December 31, 2023. If the compliance plan is accepted, Wrap Technologies may have until October 14, 2024, to submit the missing reports.
These recent developments underscore the current challenges facing Wrap Technologies, which the company will need to address promptly to maintain investor confidence and market compliance.
InvestingPro Insights
As Wrap Technologies, Inc. (NASDAQ:WRAP) rolls out its BolaWrap device in a new pilot program with the San Francisco Police Department, the company's financial standing and market performance provide additional context for investors.
With a modest market capitalization of $79.14M and a revenue growth of 32.06% in the last twelve months as of Q3 2023, Wrap Technologies shows a promising increase in sales. Still, challenges remain, as reflected in a negative operating income margin of -172.59% for the same period, indicating that expenses far exceed the gross profit.
The company's stock has experienced significant volatility, with a 6-month price total return of -47.35% as of 2024, demonstrating the high-risk nature of investing in Wrap Technologies. Yet, in the short term, there has been a strong return over the last month, with a 13.29% increase. This could suggest a potential rebound or a positive investor response to recent developments, such as the SFPD pilot program announcement.
Investors should note that according to InvestingPro Tips, analysts do not expect the company to be profitable this year, and the stock is trading at a high revenue valuation multiple, which could signal a premium price relative to its sales.
For investors seeking a deeper dive into the financial health and projections for Wrap Technologies, Inc., there are additional InvestingPro Tips available, which can be accessed by visiting Investing.com/pro/WRAP. Use coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, and explore a wealth of investment insights to guide your decisions.
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