Benzinga | Aug 20, 2021 11:23AM EDT

Why Naked Brand's Stock Is Trading Higher Today

Naked Brand Group Limited (NASDAQ:NAKD) shares are trading higher after the company announced it reached a preliminary agreement with a merger or acquisition partner.

"We have recently reached preliminary agreement on non-binding terms and are now conducting due diligence. The company is in a sector which has been forecast to have strong growth for many decades to come. There is, of course, no guarantee that we will complete the deal, on the preliminary terms we have negotiated, or at all," said Justin Davis-Rice, Executive Chairman of Naked Brand Group.

Naked Brand Group Ltd operates as an intimate, apparel and swimwear company. The company design, manufacture and market a portfolio of company-owned and licensed brands.

Naked Brand's stock was trading about 10.2% higher at $0.55 per share. The stock has a 52-week high of $3.40 and a 52-week low of $0.06.