Naked Brand shares fell more than 14% in early trading.
The company announces that shares will begin trading today on a1-for-15 split-adjusted basis.
The reverse split is intended to enable the company to meet the minimum share price requirement for its acquisition of Cenntro Automotive Group, Cenntro Automotive and Cenntro Electric Group and the minimum price requirement for Nasdaq to approve the listing application filed by the company in connection with the acquisition.
Acquisition is expected to close by the end of 2021.
The ticker symbol will remain unchanged.
Bearish sentiment on the stock in contributor article who thinks the stock is overvalued based on fundamentals.
The stock has gained about 155% during the last one year and has a market cap of $480M.