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Kraig Biocraft files application for up-listing on Nasdaq

Jun '20
Pic: Shutterstock
Pic: Shutterstock
Kraig Biocraft Laboratories, Inc, a leading developer of spider silk based fibres, has announced that it has submitted its formal application to list the company’s common stock on the Nasdaq Capital Market. The company’s application for uplisting, to the Nasdaq Capital Market, is subject to approval based on the ability to meet Nasdaq requirements.

During the Nasdaq review process, the company's common stock will continue to trade on the OTCQB under its current symbol, KBLB.

“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,” said 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."

Management of Kraig Biocraft Laboratories 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 per cent 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.

Fibre2Fashion News Desk (PC)

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