Wrap Technologies recently announced that it has successfully reduced its labor force by 30%, resulting in an annual savings of $2.4 million. Over the past 45 days, the company has strategically focused on outsourcing and making necessary reductions in its headcount.
As a result of this news, the stock was temporarily halted in premarket trading, showing the significant impact of these cost-saving measures.
In addition to this, Wrap Technologies is also strengthening its manufacturing capacity at its Tempe facility. Furthermore, the company is actively working on building an enterprise-level sales and marketing team, showcasing its commitment to growth and expansion.
To create a more efficient corporate structure and seize revenue opportunities in the short and long term, Wrap is implementing various measures. These include digitization initiatives, reductions in headcount, and strategic outsourcing.
Recognizing the positive outlook for the industry, Wrap is redirecting its investment towards enhancing its sales and marketing infrastructure. By doing so, the company is well-positioned to take advantage of industry tailwinds. As a result of this investment, Wrap plans to expand its corporate headquarters in Miami. Moreover, the company intends to attract top-tier talent for its executive and corporate teams.
This recent move by Wrap Technologies demonstrates their dedication to improving their corporate operations while simultaneously capitalizing on potential opportunities for growth.