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Cenntro Automotive has secured a significant order of 2,000 Metro electric vehicles from HW ELECTRO in Japan, marking a major sales milestone. This follows the Metro's approval as the first imported Kei car-type electric vehicle, with deliveries slated to start in January 2022. The vehicles will serve logistics partners, including Amazon Fleet and Hana Cupid, enhancing last-mile delivery capabilities. The deal positions Cenntro advantageously in Japan's growing electric vehicle market.
Naked Brand Group has scheduled an Extraordinary General Meeting for shareholders on December 21, 2021, to vote on the proposed acquisition of Cenntro Automotive Group, a commercial EV technology company. Shareholders of record as of November 17, 2021, are encouraged to vote, as the non-executive directors recommend voting 'FOR' the acquisition. Following the acquisition, shareholders of Naked will own approximately 30% of the combined company, expected to have $282 million in cash. Proxies must be submitted by December 19, 2021, to ensure votes are counted.
Naked Brand Group (NASDAQ: NAKD) has announced a definitive agreement to acquire Cenntro Automotive Group, a leading commercial electric vehicle manufacturer. The transaction is structured as a stock-for-stock acquisition, expected to close by year-end 2021, allowing Cenntro shareholders to own approximately 70% of the combined entity. Cenntro projects significant revenue growth, aiming for $2.1 billion in sales by 2023, backed by strong order visibility and a production scale-up in 2022. The combined company will retain its Nasdaq listing under the ticker NAKD.
Naked Brand Group Limited (NASDAQ:NAKD) announced it received a 180-day extension until April 25, 2022, to meet Nasdaq's $1.00 minimum bid price requirement. The extension follows a notification on April 26, 2021, regarding non-compliance due to the share price falling below the minimum over 30 consecutive business days. To remain compliant, Naked must maintain a closing bid of $1.00 or higher for 10 consecutive trading days during the extension period.
Naked Brand Group Limited (NASDAQ: NAKD) provided an update from its August 20, 2021, annual shareholder meeting. Chairman and CEO Justin Davis-Rice highlighted the company's strategic shift towards finding a merger or acquisition partner following the divestiture of its brick-and-mortar operations, resulting in a net cash position of $270 million USD. The focus is now on a potentially lucrative opportunity in the clean technology sector, with due diligence ongoing. While optimistic about a business combination, the company cautioned that no definitive agreement is guaranteed.
Naked Brand Group Limited (NASDAQ:NAKD) announced its Annual General Meeting (AGM) will be held virtually on August 20, 2021, at 10:00 a.m. Sydney time, due to COVID-19 restrictions in Greater Sydney. Shareholders are encouraged to submit proxy votes in advance, as physical attendance is not permitted. The AGM will be accessible via a webcast, although live voting will not be available. Proxy materials are available for review on the company's website. Naked specializes in e-commerce for intimate apparel, notably through the Fredericks of Hollywood brand.
Naked Brand Group Limited (NASDAQ:NAKD) announced its 2021 Annual General Meeting will be held on August 20, 2021 at 10:00 am Sydney Time. The meeting will take place at BDO Sydney, Australia, and follows a Proxy Materials availability notification. Key documents include the notice of the meeting, the annual report for the year ending January 31, 2021, and a proxy card. Additionally, the company emphasizes its focus on e-commerce for intimate apparel, particularly through the Fredericks of Hollywood brand. For more details, visit their investor relations page.
Naked Brand Group Limited (NASDAQ:NAKD) received a notification from Nasdaq about non-compliance with its minimum bid price requirement, having traded below $1.00 for 30 consecutive business days. The company has a compliance period of 180 days to regain compliance, which is until October 25, 2021. If the bid price rises above $1.00 for 10 consecutive days during this period, compliance will be confirmed. Naked may also effect a reverse stock split to meet requirements. The notification currently poses no impact on the trading of NAKD shares.
Naked Brand Group Limited (NASDAQ:NAKD) announced that shareholders have voted to approve the divestiture of Bendon brick-and-mortar operations, supporting the company's digital transformation strategy. Post-transaction, Naked will focus on e-commerce to strengthen its position in the intimate apparel market. The company will have $270 million in cash, no debt, and a restructured management team. CEO Justin Davis-Rice highlighted the potential for revenue growth and positive cash flow from the Frederick's of Hollywood online business, emphasizing strategic acquisitions for further growth.
Naked Brand Group Limited (NASDAQ: NAKD) has appointed Mark Ziirsen as the new Chief Financial Officer, succeeding Cheryl Durose. Mark brings over 30 years of financial and operational experience, including previous roles at major ASX listed companies such as Cochlear and Coca-Cola Amatil. His expertise in M&A and corporate finance is expected to drive Naked's growth strategy, emphasizing e-commerce and digital transformation. CEO Justin Davis-Rice expressed gratitude for Cheryl's contributions while highlighting Mark's skills as crucial for upcoming business developments.
