NAKD: Naked Brand Group CEO update on the potential merger or acquisition made the stock price soaring today, September 24, 2021. The stock was up more than 27% in the premarket trading and cool off a little bit.
Business Update & Letter to Shareholders from the CEO: Justin Davis-Rice
On August 20th at our Annual Meeting of Shareholders, I provided an update on the status of our plans to find a merger or acquisition partner following the divestiture of the bricks-and-mortar operations of Bendon that resulted in an expanded balance sheet with a net cash position of $270 million USD for Naked Brand Group.
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.
NAKD Stock is currently trading around $0.69 per share and up 16% as of the publication of this article. The NAKD stock has more than 163 million volume trading today. Due to the unknown fact that NAKD found their potential partner or merger opportunity in the technology sector, this makes the stock price very volatile, and “Buy the rumor” sell the news types of event. Once NAKD updates the partner or what company is doing an acquisition, the stock can probably sell-off. If Naked Brand is serious about growing their business over the long term, this could also potentially mean that there will be some lights after the tunnel. It is all depended on the management team and looks like CEO is focusing on the growth of this business.
NAKD Short Data:
|Short Interest||46,909,862 shares|
|Short Interest Ratio||2.33 Days to Cover|
|Short Interest % Float||5.42%|