Naked Brand is a 75-year-old company that manufactures and sells women’s and men’s underwear, leisurewear, pajamas, and swimwear online. Its stock price on November 9, after a month of stability, jumped 25% to $ 0.85. That’s 100% less than the worth in 2018 before the underwear maker crashed. After that, it was forced to sell most of its enterprises and didn’t report on profits. However, it raised over $ 150 million earlier this year thanks to Reddit users, and in August, the CEO of Naked announced its intention to move from online trading to technology.
After a long and diligent search, the company saw the prospect of a merger with Cenntro, the vehicle manufacturer, which later gave its consent. This integration will be completed by the end of the year, after which Naked will be renamed Cenntro Automotive Group, but its ticker symbol will remain the same. Furthermore, Cenntro shareholders will have 70% of Naked, while shareholders of the second company will have only 30%. Nevertheless, to complete this deal, both parties will have to raise $ 50 million. Sales of the company that will be merged with Naked will increase by 1,563 vehicles to almost 7,500, while its revenues will surge $ 2.1 billion by 2023. By the end of this year, its sales revenue will be $ 25.3 million.