SCHEDULE: WRAP Technologies Insider Sells 800K+ Shares

Elwood G. Norris and related entities have significantly reduced their stake in WRAP Technologies, selling over 800,000 shares and filing intent to sell an additional 1.7 million shares.

Summary

• Reporting Persons (Elwood G. Norris, Stephanie A. Norris, and Norris Family 1997 Trust) filed an Amendment No. 4 to Schedule 13D for WRAP Technologies, Inc.
• Elwood G. Norris beneficially owns 5,505,981 shares, representing 10.7% of the common stock.
• Stephanie A. Norris and the Norris Family 1997 Trust beneficially own 5,451,053 shares, representing 10.6% of the common stock.
• These ownership percentages are based on 51,507,022 shares outstanding as of December 12, 2025.
• Elwood G. Norris completed open market sales of 806,859 shares of common stock between May 16, 2025, and November 28, 2025.
• Sale prices for these transactions ranged from approximately $1.5000 to $2.9100 per share.
• The Reporting Persons have filed Form 144s indicating their intent to sell additional shares: 505,542 shares (May 6, 2025), 794,455 shares (October 6, 2025), and 1,778,129 shares (January 23, 2026).

Sentiment

Score: 3

Explanation: StockSavvy.ai views this filing negatively due to the significant and ongoing insider selling by a key beneficial owner, which often signals a lack of confidence in the company's future performance.

Negatives

• Significant insider selling by a key reporting person, Elwood G. Norris, totaling 806,859 shares over a six-month period.
• Further intent to sell a substantial number of additional shares (1,778,129 shares as of January 23, 2026), indicating a continued reduction in insider holdings.
• The sales occurred across a range of prices, including higher price points, suggesting a willingness to divest at various market levels.

Future Outlook

The Reporting Persons have indicated a clear intent to continue divesting their holdings in WRAP Technologies, Inc., with Form 144 filings showing plans to sell up to an additional 1,778,129 shares in the future.

Industry Context

StockSavvy.ai notes that significant insider selling, particularly by a founding or key individual like Elwood G. Norris, can often be interpreted by the market as a lack of confidence in the company's near-term prospects or a move towards diversification. This trend is generally viewed with caution by investors, especially if it's not accompanied by clear, positive company-specific news or a stated personal financial planning reason.

Comparison to Industry Standards

• StockSavvy.ai observes that while insider selling is a normal part of executive compensation and financial planning, the scale and consistency of sales by Mr. Norris, totaling over 800,000 shares in six months with intent to sell nearly 1.8 million more, is substantial for a company of WRAP Technologies' size (with 51.5 million shares outstanding).
• This level of divestment by a significant beneficial owner could be seen as more aggressive than typical, for example, compared to routine vesting-and-sell programs often seen at larger, more mature companies like Apple or Microsoft, where sales are often a smaller percentage of total holdings and more predictable.
• For smaller, growth-oriented companies, such large insider sales can raise more questions about future growth potential or internal outlook.

Related Party Transactions

• Elwood G. Norris, a reporting person, engaged in open market sales of 806,859 shares of common stock between May 16, 2025, and November 28, 2025.
• Reporting Persons, including Elwood G. Norris, have filed Form 144s indicating intent to sell up to an additional 1,778,129 shares.

Stakeholder Impact

• Shareholders: Potential negative impact due to increased selling pressure on the stock from insider divestment, which could lead to price depreciation. May also signal a lack of confidence from a significant owner.

Next Steps

• Reporting Persons intend to continue selling shares from time to time in Brokers Transactions as per Form 144 filings, with up to 1,778,129 shares remaining for potential sale.

Key Dates

Recommendation

The consistent and substantial insider selling by a key beneficial owner, Elwood G. Norris, coupled with the stated intent to sell millions more shares, suggests a lack of confidence from an individual with deep knowledge of WRAP Technologies. This pattern of divestment is a strong negative signal that could exert downward pressure on the stock price and warrants a 'sell' recommendation for investors to consider reducing their exposure.

Keywords

WRAP Technologies, WRAP, Schedule 13D, Insider Selling, Stock Sales, Beneficial Ownership, Elwood Norris, Form 144, Common Stock