Naked Brand Group Limited Regains Compliance with Nasdaq Minimum Stockholder’s Equity

Rhea-AI Summary

Naked Brand Group Limited (NASDAQ:NAKD) announced on October 6, 2020, that it has regained compliance with Nasdaq's minimum stockholder's equity requirement after completing several financial transactions. The company now meets the Listing Rule 5550(b), requiring at least $2.5 million in stockholders' equity. CEO Anna Johnson expressed gratitude to investors for their support during this process, highlighting their focus on growth and value creation. Naked Brand operates a portfolio of 8 brands in the intimate apparel and swimwear sectors.

Positive

• Regained compliance with Nasdaq's minimum stockholder's equity requirement.
• Achieved a strengthened balance sheet enhancing financial stability.

Negative

• None.

NASDAQ Notifies Company of Compliance with Stockholder's Equity Requirement

SYDNEY, AUSTRALIA / ACCESSWIRE / October 6, 2020 / Naked Brand Group Limited (NASDAQ:NAKD) ("Naked" or the "Company"), a global leader in intimate apparel and swimwear, has received a letter from the Listing Qualifications Department of The Nasdaq Capital Market ("Nasdaq") notifying the Company that it has regained compliance with minimum stockholder's equity requirement for continued listing on Nasdaq.

Nasdaq has determined that Naked complies with Listing Rule 5550(b), which requires a minimum stockholders' equity of $2.5 million for companies, like Naked, that rely on the equity standard for continued listing. The Company achieved compliance by completing the transactions described in its Current Report on Form 6-K filed today with the SEC.

"We are grateful to our investors for their patience and support while the management team and board of directors worked to regain compliance," said Anna Johnson, Chief Executive Officer of Naked. "With this matter now resolved and a fortified balance sheet, we remain focused on driving growth to create value for our shareholders."

About Naked Brand Group Limited:

Naked Brand Group Limited (NASDAQ:NAKD) is a leading intimate apparel and swimwear company with a diverse portfolio of brands. The company designs, manufactures and markets a portfolio of 8 company-owned and licensed brands, catering to a broad cross-section of consumers and market segments. Brands include Bendon, Bendon Man, Davenport, Fayreform, Hickory, Lovable, Pleasure State and Fredericks of Hollywood. For more information please visit www.nakedbrands.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 continued trading in our securities on Nasdaq, future financial performance, future cost savings, future growth in our business, trends in our industry, product innovation, operational expansion and restructuring initiatives. 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: the risk that our restructuring initiative and our focus on direct-to-consumer channels does not achieve the expected benefits; the impact of COVID-19; our ability to maintain sufficient inventory; the risk that we do not regain, or do not thereafter maintain, compliance with Nasdaq's continued listing standards; difficulties in maintaining customer, supplier, employee, operational and strategic relationships; the possibility that a robust market for our shares is not maintained; our ability to raise additional financing; our ability to anticipate consumer preferences; and the other risks and uncertainties set forth under ''Risk Factors'' in our Annual Report on Form 20-F for the fiscal year ended January 31, 2020. Further, investors should keep in mind that our revenue and profits can fluctuate materially depending on many factors. Accordingly, our revenue and profits in any particular fiscal period may not be indicative of future results. 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

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FAQ

What does it mean for Naked Brand Group to regain compliance with Nasdaq requirements?

Regaining compliance means Naked Brand Group has met the minimum stockholder's equity requirement of $2.5 million, allowing it to continue trading on Nasdaq.

What is Naked Brand Group's stock symbol?

The stock symbol for Naked Brand Group is NAKD.

When did Naked Brand Group announce its compliance with Nasdaq requirements?

Naked Brand Group announced its compliance on October 6, 2020.

What financial condition did Naked Brand Group achieve to comply with Nasdaq?

Naked Brand Group achieved compliance by completing certain financial transactions that bolstered its stockholders' equity.

Who is the CEO of Naked Brand Group?

The CEO of Naked Brand Group is Anna Johnson.