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Naked Brand Group Shares Edge Higher After CEO Says “Disruptive Opportunity” Found

Updated: 28 Sep 2021

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. 

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“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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