Wrap Technologies reduces workforce by 30%

Wrap Technologies 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 enterprise-level sales and marketing team. These measures should enable Wrap to meet the increasing global demand for its solutions while driving shareholder value. Wrap is implementing various cost-saving measures to optimize the corporate structure while investing in near and long-term revenue opportunities. These measures include digitization initiatives, headcount reductions and strategic outsourcing. These steps have enabled Wrap to achieve material cost savings while redirecting investment to higher ROI initiatives. Wrap intends to increase its production capacity through the expansion of its manufacturing operations in Tempe, Arizona to meet the growing global demand for the BolaWrap Remote Restraint device. The manufacturing facility will leverage state-of-the-art technology, that should result in improved throughput. Wrap is redirecting investment towards its sales and marketing infrastructure to capitalize on industry tailwinds. This investment should enable the expansion of Wrap’s corporate headquarters in Miami, Florida and the continued recruitment of top-tier enterprise-level talent on its executive and corporate teams.