ANN ARBOR, Mich. — Jan. 20, 2022 — Kraig Biocraft Laboratories Inc. (Kraig Labs), the biotechnology company focused on the development and commercialization of spider silk, announces the completion of an additional $3 million funding agreement with Yorkville Advisors. These additional funds, together with those from the previously announced transactions, account for an $8 million total Yorkville investment into Kraig Labs.
As a result of this successful capitalization program, the company has elected not to renew the previously anticipated reverse stock split. The company is focused on advancing the commercialization of spider silk. Kraig Labs will increase its capital deployment into key priorities, including commercialization, advanced research and development, and expansion at the Prodigy Textiles factory.
“This funding allows us to advance our strategic plans and transform our resources into more robust operations. We will immediately invest these capital expenditures to accelerate commercialization at Prodigy Textiles production facilities,” stated company COO, Jon Rice.
Posted January 25, 2022
Source: Kraig Biocraft