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Cenntro Electric Group Limited (NASDAQ: NAKD) announced a trading symbol change from 'NAKD' to 'CENN', effective January 14, 2022. This change follows the acquisition of Cenntro Automotive Group and reflects the company's alignment with its brand. CEO Peter Wang expressed optimism about increased visibility and recognition post-symbol change. The company's shares will continue to be listed on NASDAQ without requiring any action from shareholders. Cenntro has established itself as a leader in electric vehicle technology, having produced over 3,600 commercial EVs across 26 countries.
Cenntro Electric Group (NASDAQ:NAKD) announced the launch of its autonomous iChassis vehicle, aimed at revolutionizing last-mile delivery and municipal services, with production set to begin in Q1 2023. The company garnered significant interest from major national chains in the food, beverage, and parcel delivery sectors. The iChassis, powered by Cenntro's Smart App, supports diverse applications, enhancing efficiency and reducing costs in logistics management. Cenntro has already delivered 3,300 commercial EVs across 26 countries as of December 2020, positioning itself as a leader in the EV technology market.
Naked Brand Group Limited (NASDAQ:NAKD) has completed its acquisition of Cenntro Automotive Group, as approved by shareholders on December 21, 2021. The combined entity, now named Cenntro Electric Group Limited, aims to leverage over US$250 million in cash to scale production and accelerate sales of electric vehicles. Cenntro anticipates delivering at least 20,000 vehicles in 2022, bolstered by a substantial backlog and plans for enhanced production capabilities in Florida and Germany.
Naked Brand Group Limited (NASDAQ:NAKD) announced the anticipated closing of its merger with Cenntro Electric Group Limited before year-end. The company received final approval from Nasdaq's Listing Qualifications Department for Cenntro's ordinary shares to be listed on The Nasdaq Capital Market. Following the merger, NAKD will remain the trading symbol for Naked's ordinary shares. The merger is positioned to enhance Naked's operations in the evolving e-commerce and EV sectors.
Cenntro Automotive achieved a record production of 628 electric vehicles in December 2021, marking its highest monthly output. The company continues to see strong demand for its Logistar 200 model in Europe and the U.S. Cenntro reaffirmed its 2022 delivery guidance of at least 20,000 vehicles, supported by a working capital boost from its merger with Naked Brand Group. The company’s leadership expressed confidence in meeting production targets and accelerating growth in the coming years.
Naked Brand Group Limited (NASDAQ:NAKD) has initiated trading today on a 1-for-15 reverse stock split. This decision follows overwhelming approval from shareholders during an Extraordinary Meeting on December 20, 2021. The reverse split aims to meet the minimum share price requirements for the company's acquisition of Cenntro Automotive Group and to facilitate Nasdaq's approval of its listing application. The acquisition is expected to close by the end of 2021, pending conditions. Naked Brand is known for its e-commerce business in intimate apparel, particularly the Fredericks of Hollywood brand.
Naked Brand Group Limited (NASDAQ:NAKD) announced that shareholders have approved the acquisition of Cenntro Automotive Group, an EV technology firm. The extraordinary general meeting, held on December 21, 2021, saw 96.99% approval for the deal. Cenntro aims to leverage this acquisition to scale their electric commercial vehicle deliveries, projecting 74,800 sales and $2.1 billion in revenue for 2023. The company has terminated a prior at-the-market offering, confirming sufficient cash for the upcoming acquisition.
Cenntro Automotive will showcase its innovative iChassis at the 2022 Consumer Electronics Show (CES) in Las Vegas from January 5-8, 2022. The iChassis, featuring autonomous driving capabilities, is a key component in redefining last-mile delivery and urban mobility. Production is set to begin in Q1 2023. Cenntro aims to enhance services such as package delivery and city sanitation through its Smart App technology. The company, which has a merger agreement with Naked Brand Group (NAKD), has delivered over 3,300 commercial EVs in 26 countries as of December 2020.
Cenntro Automotive has chosen Jacksonville, Florida, for its first U.S. manufacturing facility, committing to a $25 million investment. This 100,000-square-foot facility will create up to 34 jobs and aims to produce over 50,000 commercial vehicles annually within four years. The facility will utilize the Jacksonville Port Authority for importing materials and exporting finished vehicles. This strategic move is part of Cenntro's larger push into the U.S. market, furthering its mission in the electric vehicle sector.
Cenntro Automotive announced that its first Logistar 200 vehicles will be delivered to European markets in December 2021. The LS200 is designed for urban delivery with a range of 190 miles, a payload capacity of one ton, and 247 cubic feet of cargo space. It has successfully completed EU homologation tests, making it eligible for sale across all EU countries. This milestone reflects Cenntro's strategy to meet rising demand for commercial EVs in Europe, driven by stringent fleet emission standards and regulatory incentives.
