In an update to shareholders, Naked Brand Group (NASDAQ: NAKD) CEO Justin Davis-Rice said Tuesday that the company has found a “disruptive opportunity” in the clean technology sector.
The company is currently working on plans to find a merger or acquisition partner following the divestiture of the bricks-and-mortar operations of Bendon.
The deal resulted in an expanded balance sheet for NAKD with a net cash position of $270 million.
“I am happy to report that after extensive searching and due diligence, we believe we have found a disruptive opportunity in the clean technology sector. Due diligence on both sides is progressing and we believe the business combination will reward our patient shareholders,” said Davis-Rice.
Davis-Rice also said the company it has found is a leader with cutting-edge patented proprietary technology that will satisfy its growing ESG (Environmental, Social and Governance) mandates.
“We have made significant progress over the past few weeks and believe the path to a definitive agreement is in sight. However, there can be no assurance that we will sign a definitive agreement, or if we do sign an agreement, that we will be able to close the business combination,” added NAKD's CEO.
Naked Brand Group's shares are up 2.64% premarket at $0.855, adding to its 333.85% year-to-date gains.
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