Big Law
The Apparel Company Naked Brand Will Merge With an EV Firm
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.
