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). At 3:30 p.m. EDT today, shares were still down 22.2%. 

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. In the first 180 days of the trial, the 200 BolaWraps deployed were only used nine times, and in three of those instances, they were deemed ineffective.

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Source Fool.com