ANN ARBOR, Mich., June 09, 2020 (GLOBE NEWSWIRE) — Kraig Biocraft Laboratories, Inc. (OTCQB: KBLB) (“Company”), a leading developer of spider silk based fibers, announces that it has submitted its formal application to list the Company’s common 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. We are pleased to be working on the process with the Maxim Group for this raise of up to $24 million,” stated Kim Thompson, Kraig Biocraft Laboratories’ CEO and Chairman of the Board. “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, however, 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 CAGR of 4.5% 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/. This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
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About Kraig Biocraft Laboratories, Inc.
Kraig Biocraft Laboratories, Inc. (www.KraigLabs.com), a reporting biotechnology company is the leading developer of genetically engineered spider silk based fiber technologies.
The Company has achieved a series of scientific breakthroughs in the area of spider silk technology with implications for the global textile industry.
Cautionary Statement Regarding Forward Looking Information
Statements in this press release about the Company’s future and expectations other than historical facts are “forward-looking statements.” These statements are made on the basis of management’s current views and assumptions. As a result, there can be no assurance that management’s expectations will necessarily come to pass. These forward-looking statements generally can be identified by phrases such as “believes,” “plans,” “expects,” “anticipates,” “foresees,” “estimated,” “hopes,” “if,” “develops,” “researching,” “research,” “pilot,” “potential,” “could” or other words or phrases of similar import. Forward looking statements include descriptions of the Company’s business strategy, outlook, objectives, plans, intentions and goals. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements. This press release does not constitute an offer to sell or the solicitation of an offer to buy any security.
Ben Hansel, Hansel Capital, LLC
(720) 288-8495
ir@KraigLabs.com