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Naked Brand, once hot 'meme' trade, to merge with EV firm

Ines Ferré
·Senior Business Reporter
·2-min read

Naked Brand (NAKD), a swimwear and intimate apparel company, backed by the Reddit crowd earlier this year, is acquiring the electric vehicle technology firm, Cenntro Automotive. Naked will change its name to Cenntro Automotive Group but retain the ticker symbol "NAKD."

In January, Naked became a "meme stock" as retail traders pushed it beyond $3 in intra-day highs. However the stock has essentially been trading like a penny share, below $1.00, since March. On Tuesday, shares shot up 15%. The stock was one of the top trending tickers on Yahoo Finance, the # 2 mentioned ticker on Stockwits, and #9 on Fidelity's orders by retail customers.

LYON, FRANCE - NOVEMBER 14: Production line of the company SITL (ex FagorBrandt) in Lyon on November 14, 2013, France. In the current tense context of the takeovers of French companies by American companies, an opening seems to be emerging. Washington-based Cenntro Motor, a manufacturer of electric vehicles employing 6,000 people, is ready to invest 15 million euros for the takeover of SITL on the brink of the abyss. This would be the last chance to save the 400 jobs at the Lyon site subcontracting to Fagor Brandt. Decision June 6, 2014 (Photo by Robert DEYRAIL / Gamma-Rapho via Getty Images)

During the summer CEO Justin Davis-Rice said he would sell the intimate-apparel and swimwear operations to a bigger firm. In September, Davis-Rice said the company had identified a potential "disruptive" acquisition opportunity in the clean energy space.

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Cenntro's CEO and chairman Peter Wang said the company had submitted a draft S-1 to go public, but "we came to believe that Naked allowed us to go public faster, providing the working capital to support our substantial backlog."

"However, beyond capital, we felt the opportunity to gain such a loyal and enthusiastic shareholder base, such as the "Naked Army" and its other shareholders, was something that no IPO could achieve. We look forward to sharing many exciting developments in the coming months as we scale our deliveries," said Wang in a statement.

Founded in 2013, Cenntro says it has produced 3,300 commercial vehicles thus far. The company expects to generate revenue of $25.3 million on sales of 1,500 vehicles this year. In 2023 it expects to sell 74,800 vehicles.

The merger is expected to close by the end of the year. Upon closing, Naked plans to divest its FOH online business.

The majority of the board members will be selected by Cenntro. Naked Brand chairman and CEO Davis-Rice will stay on the board of the combined company.

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