Benzinga | Nov 9, 2021 11:14AM EST

Why Naked Brand Shares Are Rising

Naked Brand Group Ltd (NASDAQ:NAKD) shares are trading higher after the company announced it entered into a definitive agreement under which Naked will acquire the outstanding stock in three entities comprising Cenntro Automotive Group.

"After assessing numerous companies with promising, innovative technologies, we believe Cenntro offers the most compelling opportunity, as it not only has unique commercial EV technology, but has proven that it has been able to manufacture and deliver growing numbers of commercial electric vehicles that are being used by many of the leading consumer companies," said Justin Davis-Rice, Chairman and Chief Executive Officer of Naked Brand Group.

"Together with Cenntro's outstanding vehicle pipeline, I believe the combined company will give our shareholders the opportunity to participate in a company that has reached an inflection point in its development that together with the Naked Brand Group balance sheet, will produce tremendous growth," Davis-Rice stated.

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Naked Brand has a 52-week high of $3.40 and a 52-week low of $0.07.