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Naked Brand (NKD) Shares Continue To Rally Following $50m Registered Direct Offering

Sam Boughedda trader
Updated 10 Mar 2022

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Naked Brand Group

Shares of Naked Brand Group Ltd (NASDAQ: NAKD) are sharply higher on Thursday after the company announced it has entered into securities purchase agreements with institutional investors for the issuance and sale of 29.41 million ordinary shares for $1.70.

The registered direct offering will create gross proceeds of approximately $50 million, with Maxim group LLC acting as the offering's sole placement agent.

The apparel and swimwear company expect the offering to close on or around the 1st of February 2021.

Premarket on Thursday Naked Brand group is one of the biggest movers climbing 97.10 per cent to $2.71 per share.

Today's increase comes after a 252.31 per cent rise in Wednesday's session which saw its shares close at $1.38, with the surge being put down to to the stock being mentioned on the same Reddit boards that have been attributed with driving up volatility and stock prices for the likes of GameStop and AMC Entertainment.

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Sam is a trader and lead stock market writer at AskTraders. After starting his career in the forex market, Sam now focuses on stocks, specifically consumer staples.