During the first quarter of 2013, Shares of Naked Brand Group Inc (NAKD) gained 74%. The company is involved in the acquisition of a small privately-held maker of commercial electric vehicles. It also makes lingerie and swimwear. The website of the company highlights its strong balance sheet. However, Shares of Naked Brand are currently down more than 17%. During the January short squeeze, company shares may fall even further.
Shares of Naked Brand Group Inc (NAKD) are down more than 17%
During the first half of trading on Tuesday, Naked Brand Group Inc (NAKD) shares sank 17%, as low as $5.01. By 10 a.m. The stock had dropped to a new 11-month low of $5.01.
A reverse stock split took effect on Monday, and the Naked Motor Company will be renamed Centro Automotive Group. It makes commercial and electric vehicles. CEO Peter Wang will lead the new company. It expects to sell about 21,500 cars in 2022. It will also keep the NAKD ticker.
Centro will retain its name and logo, but the group will change its business model. It will rely on third-party assemblers and parts rather than its technology. It will also have the opportunity to expand into the burgeoning electric vehicle market as it launches new models.
Shares of Naked Brand Group Inc (NAKD) have gained 74% so far
Despite the uncertainty surrounding its future, Naked Brand Group (NAKD) shares jumped 74% in 2021. After falling to $0.07 per share in November 2020, Naked stocks rallied to $3.40 per share in January.
In the last 12 months, Naked has gone through significant changes. The company was formerly known as a swimwear retailer, but it’s now an electric vehicle technology firm. The company has sold almost 4,000 commercial electric vehicles. It also has produced more than 4,000 vehicles for the food and package delivery markets.
The company’s net cash position stands at $270 million as of this writing. The company hasn’t revealed its plans for the future, but its focus is likely on commercial electric vehicle technology.
Centro is a merger between a small privately-held maker of commercial electric vehicles and a publicly-traded maker of lingerie and swimwear.
Earlier this month, electric-vehicle manufacturer Centro announced plans to merge with publicly-traded lingerie and swimwear maker Naked Brand Group. The deal will create a combined company with $282 million in cash. The new firm will be called Centro Automotive Group.
The merger has a lot of potentials, with the two companies announcing a series of plans for the new company. The company says it has a substantial backlog of orders and is planning to scale up production in January 2022. In addition to producing a new line of EV vehicles, the company will develop nine more models by the end of 2024.
The new company will have a factory in Jacksonville, Florida, and will be expected to produce more than 50,000 vehicles a year. It will also make investments in manufacturing equipment. The firm plans to spend $25 million to build a 100,000-square-foot facility. It also expects to create 34 jobs in the area.
Shares of Naked Brand Group Inc (NAKD) have been targeted for a short squeeze in January.
During the first week of January, Naked Brand Group Inc (NAKD) was a “meme stock” with investors abuzz. The company was rumored to be on the verge of delisting from the Nasdaq. However, it looks like the company has managed to avoid that fate. It also has a good chance of making a big profit in the future.
This company was once known for its swimwear line. However, it’s now a commercial electric vehicle technology company. Specifically, it’s acquired a privately held EV firm. It will merge the two businesses under the name Centro Electric Group Limited. CEO Peter Wang will lead the new company.
The new model, the logistical 200, is expected to deliver over $500 million in revenue. The company will sell 20,000 units of the car in 2022.
