A core focus for this funding will be to support the growth of operations at the company’s new production facility in Quang Nam Province, Vietnam. With this funding in place, the company plans to ramp up its silk production at this larger factory.
"Securing this bridge financing was a key piece to funding the Company’s commercial expansion strategy and puts us in a strong position as we expand spider silk production we shift operational focus to production," said COO Jon Rice. "This capital is necessary to support commercial expansion, which is essential in establishing market channel collaborations for consumer products."
Under the terms of the stock purchase agreement, the company has issued shares of its class A common stock at a price of $0.06758 per share and warrants to purchase additional shares of its class A common stock at exercise prices of $0.06 and $0.08. (RR)
ALCHEMPro News Desk – India
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