Why Wrap Technologies Shares Plunged 30.1% Today
Shares of Wrap Technologies (NASDAQ: WRTC) fell as much as 30.1% in trading Wednesday after a less-than-impressive update from the Los Angeles Police Department (LAPD). The move today was driven by the publicity around an interdepartmental correspondence from the Los Angeles police chief asking for a 180-day extension in evaluating Wrap's BolaWrap device. A net loss of $2.8 million in the quarter means the company has a long way to go to be profitable, and data like we saw from the LAPD is hardly inspiring.
