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Naked Brand Group stock soars 30% after hours on merger deal with Cenntro Automotive

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Shares of lingerie and swimwear company Naked Brand Group Ltd. rose 31% after hours to 93 cents as the company agreed to merge with electric vehicle company Cenntro Automotive Group.

Naked Brand Group
NAKD,
+6.06%

Chief Executive Justin Davis-Rice said in September that “after extensive searching and due diligence, we believe we have found a disruptive opportunity in the clean technology sector” and the company believed “the path to a definitive agreement is in sight.

“I have always been attracted to commercial opportunities that benefit our environment and help contribute to the growing ESG mandates that major corporations are implementing today across the globe,” he said.

Naked Brand Group said Monday that Cenntro expects 2021 revenue of $25.3 million and 2022 revenue of $506 million.

“Cenntro has excellent visibility into future revenue through a strong backlog of orders,” Naked Brand Group said, and it plans to scale production in January 2022 through new facilities in Jacksonville, Fla., and Dusseldorf, Germany.

Cenntro’s products include delivery vehicles and off-road vehicles used at places including farms, warehouses and construction sites.

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