Kraig Biocraft Laboratories Inc (OTCMKTS:KBLB) stock closed a bit higher on Wednesday after the news. Over the past few months the stock has been witnessing selling pressure with a fall of 53% in the past 6-month.
Market Reaction:
On Wednesday, KBLB stock moved up 0.25% to $0.0800 with more than 1.66 million shares, compared to its average volume of 1.48 million shares. The stock moved within a narrow range of $0.0800 – 0.0920. Over the past 52-week, the stock has moved within a range of $0.0700 – 0.2400.
Major Trigger:
Kraig Biocraft Laboratories Creates Second Generation of Recombinant Spider Silk Silkworms at New Production Headquarters
Key Highlights:
Kraig Biocraft announced that it is now rearing the second generation of silkworms at the new production headquarters for Prodigy Textiles (“Prodigy”), the Company’s Vietnamese subsidiary.
Prodigy successfully completed rearing the first batch of the Company’s specialized silkworms at its new production headquarters in August. Kraig Labs recently moved its Vietnam-based production operations to a new facility located in the heart of agriculture in Vietnam.
When originally built, this facility was specifically designed for silkworm rearing and silk production. The Company’s factory is now closer to the farms and fields where Prodigy’s mulberry is harvested, providing greater access to raw materials and reducing production costs.
The current easing of Covid-19 restrictions, in parts of Vietnam, has allowed the Company to move forward with the construction of finished goods. Kraig Labs is now accelerating the production and evaluation of custom-designed fabric blends for its Spydasilk brand.
Key Quote:
“I could not be more impressed with our team in Vietnam and the unwavering dedication to making Prodigy and Kraig Labs an undeniable success,” said COO Jon Rice. “Having seamlessly completed the move to the new facility and with the kick-off of the second generation of production there, we are well on the way to revolutionizing the global silk markets.”
