Benzinga | Dec 31, 2021 10:45AM EST

Naked Brand Completes Acquisition Of Cenntro Automotive Group

Naked Brand Group Ltd (NASDAQ:NAKD) and privately-held Cenntro Automotive Group Limited have completed the previously announced acquisition transaction.

* In connection with the completion, the company has changed its name to "Cenntro Electric Group Limited."

* Related Content: Naked Brand Receives Approval For Cenntro's Nasdaq Listing

* The combined company will be led by Peter Wang, Cenntro Automotive's Chairman and CEO.

* Naked's former Chairman and CEO Justin Davis-Rice and Non-Executive Director Simon Tripp will remain on the combined company's board.

* The company has divested its FOH Online business in connection with the closing.

* The shareholders of Naked immediately after the transaction conclusion own 31.85% of the combined company, and Cenntro Automotive and its equity stakeholders own 68.15% on a fully diluted basis.

* Cenntro reaffirmed its 2022 guidance to deliver a minimum of at least 20,000 vehicles.

* "Since 2013, Cenntro has produced and delivered over 3,600 commercial electric vehicles. We expect significant growth over the next five years," said Peter Wang.

* Price Action: NAKD shares are trading lower by 4.87% at $5.46 on the last check Friday.