Benzinga | Sep 29, 2021 01:35PM EDT

What's Going On With Naked Brand's Stock Today?

Naked Brand Group Ltd (NASDAQ:NAKD) is trading lower Wednesday after the stock surged higher over the last week following positive commentary from the company's chairman and CEO, Justin Davis-Rice.

Davis-Rice said Friday that Naked Brand Group had found an opportunity in clean technology.

"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 in a letter to shareholders.

"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," Davis-Rice added.

Naked Brand operates as an intimate apparel and swimwear company.

NAKD Price Action: Naked Brand has traded as high as $3.40 and as low as 6 cents over a 52-week period.

The stock was down 5.04% at 76 cents at time of publication.

Photo: adamkontor from Pixabay.