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Naked Brand Group Limited (NAKD) Stock is Declining in Pre Market, Here’s What you Should Know

Naked Brand Group Limited (NAKD) is one of the leading company manufacturing, retailing, and marketing men and women intimate apparel line. The company also sells swimwear, loungewear, and sleepwear clothing under a licensed Hollywood brand Frederick’s.

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The price of NAKD stock during the regular trading of December 21, 2021, with a spectacular leap of 1343.67% to $7.23. At last check in the pre-market on December 22, 2021, the stock was slightly down by 3.83%.

Events and Happenings

On December 21, 2021, NAKD reported at the general meeting of stockholders December 20-21 that the stockholders approved the acquisition of Cenntro Automotive Company which is a commercial electric vehicle (EV) tech company. On December 20, 2021, NAKD’ merger company Cenntro Automotive reported that it will join other companies in the 2022 Consumer Electronics Show (CES) on January 5-8, 2022.

On December 15, 2021, NAKD’ merger company Cenntro Automotive reported that it selected Jacksonville, Florida for its initial U.S. based production facility.  On December 06, 2021, NAKD’ merger company Cenntro Automotive reported that its first batch of 200 Logistar vehicles was finished off the manufacturing line and planned for December 2021 delivery to European consumers.

On November 29, 2021, NAKD’ merger company Cenntro Automotive reported receipt of an order of 2,000 Metro (Kei Car Type) EV from its channel collaborator in Japan, HW ELECTRO. The deliveries will begin in January 2022. On November 16, 2021, NAKD’ merger company Cenntro Automotive reported that its Logistar 200 vehicle had accomplished all homologation tests with regards to EU standards and requirements to attain the N1 vehicle type approval.

On November 8, 2021, NAKD and Cenntro Automotive informed that both companies had entered into a definitive partnership under which acquisition of outstanding stock of Cenntro by NAKD will be done in a Stock for Stock Acquisition Agreement. Upon completion of the agreement, the Company will change its name to Cenntro Automotive Group (CAG).

On October 27, 2021, NAKD reported that the Company had been given an extension until April 25, 2022, to set forth with the compliance of Nasdaq’s $1.00 least bid price obligation as mentioned in Listing Rule 5550(a)(2).

Conclusion

The company’s decision to have a merger with Cenntro Automotive has positively impacted the current market situation of the company. The investors are placing their confidence in the company’s recent policies to merge with an automotive tycoon of the industry. This partnership will prove beneficial for the futuristic approach of the company.

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