Replies to post #1616 on Wrap Technologies Inc (WRAP)

[Teliz2009]

Can’t imagine it will be long before someone hires an attorney.

WRAPs CEO has misaligned incentives. Mr. Cohen’s continued failure to file timely financials garners him an increase to 20% on the Series A Preferred dividend.

Mr. Cohen has orchestrated the following:

1.) Systematically eliminated anyone with decision making authority and shuffled the Board of Directors.

2.) Issued a Series A Preferred, (of which he purchased 30% of the offering), with a triggering event for failing to file timely financials that raises the dividend to 20% from 8%.

3.) Failed and continues to be delinquent with Wraps financial reporting triggering an increase in his Series A Preferred dividend to 20%

4.) Failed to pay the dividend on the Series A Preferred and is delinquent.

5.) Entered into an Amendment Agreement for the Series A Preferred allowing the now 20% dividend to be paid with heavily discounted common shares thus diluting common shareholders and saving the cash.