KBLB 8-K
Kraig Biocraft Laboratories, Inc. (KBLB)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 20, 2020
KRAIG BIOCRAFT LABORATORIES, INC.
(Exact name of registrant as specified in its charter)
| Wyoming | 333-146316 | 83-0458707 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
2723 South State St. Suite 150
Ann
Arbor, Michigan 48104
(Address of principal executive offices, including Zip Code)
(734) 619-8066
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| [ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| [ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| [ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| [ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
| None | - | - |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (?230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company [ ]
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]
Item 8.01 Other Events.
On March 19, 2020, Kraig Biocraft Laboratories, Inc. (the “Company”) issued a press release regarding the steps it is taking to help reduce the spread of COVID-19, which includes furloughing all non-essential staff until at least April 1, 2020. This decision will primarily impact staff at the Company’s fully owned subsidiary, Prodigy Textiles, in Vietnam and will result in the temporary closing of silk rearing operations at that facility; operations and progress at the Company’s research headquarters in the US will be largely unaffected by this decision.
A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
Item 9.01 Financial Statements and Exhibits.
| Exhibit No. | Description | |
| 99.1 | Press Release |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: March 20, 2020
| KRAIG BIOCRAFT LABORATORIES, INC. | ||
| By: | /s/ Kim Thompson | |
| Kim Thompson | ||
| Chief
Executive Officer, Chief Financial Officer and Director | ||
Exhibit 99.1
ANN ARBOR, Mich., – March 19, 2020 –Kraig Biocraft Laboratories, Inc. (OTCQB: KBLB) (“the Company”), the leading developer of spider silk based fibers, announces that beginning today, it is furloughing all non-essential staff until at least April 1, 2020, due to concerns regarding the spread of COVID-19. The implementation of these furloughs is in line with the leading health officials’ guidelines to help slow down the spread of coronavirus and to protect the health and safety of our staff. The Company is not currently aware of any member of its team being personally affected by COVID-19.
The Company does not take this step lightly and believes it to be necessary to address the emerging and ongoing challenge that the COVID-19 outbreak represents globally. This decision was made in an abundance of caution and will primarily impact staff at our fully owned subsidiary, Prodigy Textiles, in Vietnam and will result in the temporary closing of silk rearing operations at that facility. The Company plans to take additional measures to limit the financial impact to its furloughed staff.
Based on a recent commercial silk test production run, completed earlier this month, at the Vietnamese facility, the Company believes it will be well positioned to relaunch commercial production of its ecofriendly high-performance fibers.
Operations and progress at the Company’s research headquarters in the US will be largely unaffected by this decision. The Company and its management have issued guidelines to its US team and implemented additional sterilization and social distancing protocols to minimize the impact of this unprecedented global event.
“The health and safety of our team is our top priority,” said CEO and Founder, Kim Thompson. “Beyond the moral obligation we have to our team, I believe that prioritizing their safety today will ensure a stronger future for our staff, our products and the Company. Our thoughts and prayers are for those around the world who have been personally affected by this disease as we all work together to combat its spread.”
Thompson has decided not to collect nor accrue any salary while the Company has a significant number of staff on furlough.
Kraig Labs encourages everyone to follow the guidelines outlined by our leading health officials in maintaining social distancing in order to prevent the unnecessary spread of COVID-19.
The Company would like to remind all interested parties that it has scheduled an upcoming press conference to announce a major scientific breakthrough in spider silk technology. The live webcast will take place on April 16 at 4:30 p.m. Eastern Time and will be broadcast on the Company website at www.kblbinvestors.com by navigating to “Webcasts”.
To view the most recent news from Kraig Labs and/or to sign up for Company alerts, please go to www.KraigLabs.com/news.
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