Miami-based WRAP Technologies Inc. (NASDAQ: WRAP) announced the closing of a $12 million equity offering from institutional investors on Monday.
Proceeds will be allocated to working capital and general business purposes, including planned expansion initiatives. The company reported second-quarter revenue doubled both sequentially and year-over-year, while product offerings have tripled alongside reduced capital consumption.
WRAP Technologies is advancing WrapShield, an integrated platform for public safety, counter-drone systems, force protection, and critical infrastructure applications. The company is evaluating technologies such as directed energy, advanced remote sensing, space-based systems, and counter-drone capabilities for integration into its platform.
Regulatory and market developments support WRAP’s positioning. The U.S. Supreme Court’s decision in Barnes v. Felix and the ATF’s classification of the BolaWrap 150 as an instrument of restraint and rescue have strengthened its market standing. The company is expanding beyond law enforcement into enterprise safety and private security markets, shifting from procurement-driven sales to risk management-driven adoption through a partnership with XINSURANCE.
WRAP is leveraging a relationship with Israeli firm Frenel Imaging, which provides thermal polarimetric imaging technology, to evaluate complementary solutions. The company is also establishing WRAP Federal, a U.S.-compliant corporate infrastructure designed to pursue federal contracting opportunities.
Scot Cohen, Chairman and CEO, stated, "We are building WRAP for a world in which the lines between public safety, national security and defense are disappearing."
