Wrap Tech Cuts Work Force, Expands Manufacturing Facilities In Tempe, Arizona; Stock Soars

(RTTNews) - BolaWrap maker, Wrap Technologies, Inc. (WRAP), Monday announced that it reduced its workforce by 30 percent, and plans to expand its manufacturing facilities in Tempe, Arizona.

The company said that 30 percent reduction in its headcount in the past 45 days through outsourcing and workforce reductions is a part of Wrap's cost-saving measures.

The company also stated that its expansion of state-of-the-art technology facilities in Tempe would help to meet the growing global demand for the BolaWrap Remote Restraint device.

Following the announcement, Wrap's stock surged 55.64 percent, to $6.35 over the previous close of $4.08 on a volume of 137,858 on the Nasdaq.