Naked Brand Group Ltd NAKD and privately-held Cenntro Automotive Group Limited have completed the previously announced acquisition transaction.
- In connection with the completion, the company has changed its name to "Cenntro Electric Group Limited."
- Related Content: Naked Brand Receives Approval For Cenntro's Nasdaq Listing
- The combined company will be led by Peter Wang, Cenntro Automotive's Chairman and CEO.
- Naked's former Chairman and CEO Justin Davis-Rice and Non-Executive Director Simon Tripp will remain on the combined company's board.
- The company has divested its FOH Online business in connection with the closing.
- The shareholders of Naked immediately after the transaction conclusion own 31.85% of the combined company, and Cenntro Automotive and its equity stakeholders own 68.15% on a fully diluted basis.
- Cenntro reaffirmed its 2022 guidance to deliver a minimum of at least 20,000 vehicles.
- "Since 2013, Cenntro has produced and delivered over 3,600 commercial electric vehicles. We expect significant growth over the next five years," said Peter Wang.
- Price Action: NAKD shares are trading lower by 4.87% at $5.46 on the last check Friday.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.