WRTC - We Misread Wrap Technologies' BolaWrap: The TAM Is Small - No More Than A $5 Or $6 Stock

• A recent article by White Diamond research on WRTC buried the lede: In the LAPD 6 Month Test Period of 9 deployments BolaWrap worked as intended only once.
• While the BolaWrap may be helpful for warrant and fugitive squads, and unarmed peace officers and security guards, it's unlikely it will be deployed as standard equipment among all police.
• That would significantly reduce the TAM we anticipated.
• But the counter to that is that police departments may deploy it inoculate themselves from civil suits charging that "they did not do everything possible" before resorting to deadly force.
• Low basis shareholders should hold tight and await the LAPD final text.  Higher basis shareholders might want to recognize the loss for 2020 and reassess when LAPD tests completed.

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