Benzinga | Nov 9, 2021 01:13PM EST

Why Naked Brand Shares Are Rising

Naked Brand Group Limited (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.

Cenntro expects 2021 revenue of $25.3 million with over 1,500 vehicle sales, $506 million on 21,500 vehicle sales in 2022 and $2.1 billion on 74,800 vehicle sales in 2023.

Upon closing of this transaction, the combined company is expected to have $282 million in cash.

Naked Brand Group Limited designs, retails, and sells women's and men's intimates apparel and swimwear products primarily in the United States.

Naked Brand's stock was trading about 12% higher at $0.79 per share on Tuesday at the time of publication. The stock has a 52-week high of $3.40 and a 52-week low of $0.07.