Wrap Technologies Closes $12M Direct Offering at $1.40/Share
WRAP sits 54% above its 52-week low of $1.04.
Summary
Wrap Technologies has finalized its $12.0 million registered direct offering, issuing over 8.5 million shares or pre-funded warrants at $1.40 each. This capital raise, priced at a discount to the current market, follows earlier SEC filings today detailing the offering's terms. The $12 million in gross proceeds significantly bolsters the company's balance sheet, providing working capital for general corporate purposes and future business expansion, especially after its recent strong Q2 revenue growth.
At the time of this announcement, WRAP was trading at $1.60 on NASDAQ in the Technology sector, with a market capitalization of approximately $88.5M. The 52-week trading range was $1.04 to $3.23. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: GlobeNewswire.