Naked Brand Group's Ordinary Shares to Begin Trading Today on a 1- for-15 Split Adjusted Basis

Rhea-AI Summary

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.

Positive

• Shareholders approved a reverse stock split to enhance share price.
• The reverse split supports acquisition goals for Cenntro Automotive.
• Completion of the acquisition could potentially increase market valuation.

Negative

• The reverse split may indicate previous struggles to maintain share price.
• Dependence on acquisition approval introduces financial risk.

SYDNEY, AUSTRALIA / ACCESSWIRE / December 22, 2021 / Naked Brand Group Limited (ACN 619 054 938) (NASDAQ:NAKD) ("Naked" or the "Company") announced today that its ordinary shares will begin trading today on a 1-for-15 split-adjusted basis. The ticker symbol will remain unchanged.

Shareholders overwhelmingly approved the reverse split at an Extraordinary Meeting of Shareholders on December 20, 2021 (EST). The reverse split is intended to enable the Company to meet the minimum share price requirement for its acquisition of Cenntro Automotive Group Limited, Cenntro Automotive Corporation and Cenntro Electric Group, Inc. (collectively, "Cenntro") and the minimum price requirement for Nasdaq to approve the listing application filed by the Company in connection with the acquisition. The Company expects to close the acquisition by the end of 2021, subject to Nasdaq having approved the listing application and the other closing conditions being met.

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

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FAQ

What is the purpose of Naked Brand's 1-for-15 reverse stock split?

The reverse stock split aims to increase Naked Brand's share price to meet Nasdaq's minimum requirements for its acquisition of Cenntro Automotive.

When did Naked Brand announce the reverse stock split?

Naked Brand announced the reverse stock split on December 22, 2021.

What is the expected outcome of the Cenntro acquisition for Naked Brand?

The acquisition is expected to enhance Naked Brand's market position in the electric vehicle sector, pending approval from Nasdaq.

What date did shareholders approve the reverse split for Naked Brand?

Shareholders approved the reverse split on December 20, 2021.

How does the reverse split affect Naked Brand's stock trading?

Naked Brand's ordinary shares began trading today on a split-adjusted basis following the reverse split.