Naked Brand Group and Cenntro Automotive Group Ltd. Receive Approval to List on Nasdaq

Rhea-AI Summary

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.

Positive

• Merger with Cenntro Electric Group expected to close by year-end.
• Final Nasdaq approval secured for Cenntro's shares to be listed.
• Retaining the NAKD trading symbol may maintain brand recognition.

Negative

• Integration of Cenntro's operations may pose challenges.
• Risks associated with realizing expected benefits from the merger.

Merger anticipated to Close Prior to Year-end

SYDNEY, AUSTRALIA / ACCESSWIRE / December 30, 2021 / Naked Brand Group Limited (ACN 619 054 938) (NASDAQ:NAKD) ("Naked" or the "Company") today announced that it has received a final approval letter from Nasdaq's Listing Qualifications Department for Cenntro Electric Group Limited to list its ordinary shares on The Nasdaq Capital Market.

The Company expects the merger to close by the end of this year, after having received Nasdaq listing approval and shareholder approval at the Company's recent Extraordinary General Meeting. The trading symbol will remain "NAKD" for the Company's ordinary shares following the close of the transaction.

About Naked Brand Group Limited

Naked Brand Group Limited (NASDAQ:NAKD) is a leading e-commerce business in intimate apparel. The company is the exclusive seller and marketer of renowned intimate apparel brand Fredericks of Hollywood via its online store www.fredericks.com. For more information about the company, please visit www.nakedbrands.com.

About Cenntro Automotive Group:

A commercial EV technology company with advanced, market-validated commercial vehicles, Cenntro leads transformation in the auto industry through scalable, decentralized production and fully digitalized autonomous driving solutions empowered by the Cenntro iChassis. Cenntro has sold and delivered 3300 commercial EV in more than 26 countries as of Dec 2020. For more information about the company, please visit www.cenntroauto.com.

Forward-Looking Statements

This communication contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts. Such statements may be, but need not be, identified by words such as "may,'' "believe,'' "anticipate,'' "could,'' "should,'' "intend,'' "plan,'' "will,'' "aim(s),'' "can,'' "would,'' "expect(s),'' "estimate(s),'' "project(s),'' "forecast(s)'', "positioned,'' "approximately,'' "potential,'' "goal,'' "pro forma,'' "strategy,'' "outlook'' and similar expressions. Examples of forward-looking statements include, among other things, statements regarding the deployment of capital and future acquisitions. All such forward-looking statements are based on management's current beliefs, expectations and assumptions, and are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the results expressed or implied in this communication. Among the key factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements are the following: our inability to consummate the Proposed Transaction, including due to the failure to satisfy any closing conditions that are set forth in the definitive agreement; our ability to successfully integrate the operations of the acquired business and to maximize expected synergies; our ability to realize the expected benefits of the Proposed Transaction; and other risks and uncertainties set forth under "Risk Factors'' in our Annual Report on Form 20-F for the fiscal year ended January 31, 2021 and in our other filings with the Securities and Exchange Commission. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements, whether as a result of new information, future events, changes in assumptions or otherwise, except as required by law.

Investor Contact:
Chris Tyson
MZ North America
chris.tyson@mzgroup.us
949-491-8235

SOURCE: Naked Brand Group Limited

View source version on accesswire.com:
https://www.accesswire.com/680200/Naked-Brand-Group-and-Cenntro-Automotive-Group-Ltd-Receive-Approval-to-List-on-Nasdaq

FAQ

What is the expected closing date for the Naked Brand Group and Cenntro merger?

The merger is anticipated to close before the end of this year.

What is the significance of the Nasdaq approval for Naked Brand Group?

The Nasdaq approval allows Cenntro Electric Group to list its shares, facilitating the merger process.

Will the trading symbol change after the merger of Naked Brand Group?

No, the trading symbol will remain NAKD for Naked's ordinary shares.

What is Cenntro Electric Group known for?

Cenntro Electric Group specializes in commercial EV technology and has delivered over 3,300 vehicles globally.