ANN ARBOR–Kraig Biocraft Laboratories Inc., the developer of genetically engineered silkworms who spin silk with the strength and resiliency of spiderweb fibers, announced that it had applied to list the company’s stock on the Nasdaq Capital Market.
“After significantly strengthening our technology, business model, and corporate governance, to position Kraig Labs for future growth, an uplisting to the Nasdaq Capital Market is the natural evolution for the Company and our shareholders,” said Kim Thompson, Kraig chairman and CEO. “We are pleased to be working on the process with the Maxim Group for this raise of up to $24 million. Kraig Labs has been blessed with loyal shareholders, and we expect that moving to Nasdaq will raise the Company’s visibility and expand our shareholder family.”
The company’s application for uplisting to the Nasdaq Capital Market is subject to approval based on the ability to meet Nasdaq requirements. The company intends to satisfy all of the applicable listing requirements, but no assurance can be given that this application will be approved. During the Nasdaq review process, the Company’s common stock will continue to trade on the OTCQB under its current symbol, KBLB.
Management believes that listing on the Nasdaq Capital Markets will expand opportunities for the company’s recombinant spider silk materials within the technical textiles markets. Analysts forecast that the global technical textile market was valued at nearly $235 billion in 2017, and is projected to reach about $335 billion by 2025, growing at a compound annual growth rate of 4.5 percent from 2018 to 2025.
The company has filed a registration statement with the Securities and Exchange Commission on Form S-1, which has not yet become effective, and plans to conduct an offering of its securities in order to raise sufficient funds to meet the Nasdaq requirements as well as fund its continued growth and operations. No securities may be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. For a copy of the draft registration statement, please contact ir@kraiglabs.com or visit www.kraiglabs.com/sec-filings/.
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