WRAP Technologies (WRAP) to Cut 30% Staff

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Go back to WRAP Technologies (WRAP) to Cut 30% Staff

Wrap Technologies, Inc. Positions for Scale with Manufacturing and Sales Expansion while Reducing Workforce by 30%

February 5, 2024 9:05 AM EST

TEMPE, Ariz., Feb. 05, 2024 (GLOBE NEWSWIRE) -- Wrap Technologies, Inc. (Nasdaq: WRAP) (Wrap or the Company), the makers of BolaWrap and the innovative public safety solutions platform powered by artificial intelligence (AI), virtual reality and data, today announces an initiative to position the company for growth in 2024 and beyond.

The Company has reduced its labor force by 30%, representing $2.4M in annual savings, in the past 45 days through outsourcing and headcount reductions. To position for the future, the Company is expanding manufacturing capacity in its Tempe facility and building out a robust... More