Naked Brand (NASDAQ:NAKD) news concerning an amendment to its notes issued to St. George Investments LLC earlier this year has NAKD stock heading higher on Thursday.
Naked Brand released a 6-K filing with the U.S. Securities and Exchange Commission (SEC) after markets closed on Wednesday with the update. This amendment changes how the notes are converted into ordinary shares of NAKD stock.
The change from the SEC filing makes it so that St. George Investments LLC can convert the notes for “a percentage of not less than 75%, multiplied by the lowest daily volume weighted average price of the Company’s ordinary shares in the preceding 20 trading days, but in any event not less than the floor price specified in the Amendment.”
Naked Brand also notes in the SEC filing that the fixed conversion price for the shares is sitting at $4.00 each. St. George Investments LLC can’t convert at a fixed price otherwise without the company’s approval.
The Naked Brand news also mentions that the total value of the amended notes issues to St. George Investments LLC is sitting at $4,468,000. That’s based on a closing price of 31 cents per share for NAKD stock.
Naked Brand has other notes issued earlier than the ones belonging to St. George Investments LLC. This news doesn’t affect those notes. However, the company has previously made amendments to those notes that are similar to the changes in this filing.
NAKD stock was up 47.5% as of Thursday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.
