Naked Brand (NASDAQ:NAKD) stock is on the move Friday as investors push to bring the stock back up to the $1 mark.
That push comes after a couple of new pieces of news from Naked Brand. Let’s dive into it below.
- First off, the company announced yesterday that it has been given a delisting notice from the Nasdaq Exchange.
- This is due to the company not maintaining a share price of at least $1 for 30 consecutive days.
- However, this notification doesn’t mean the stock is about to be delisted soon.
- Instead, the company has 180 days to regain compliance.
- To do this, the shares of NAKD stock have to reach a minimum value of at least $1.
- Next up we have an update about its Extraordinary General Meeting of shareholders last week.
- This meeting was to get a vote from shareholders concerning the divesture of its Bendon brick-and-mortar operations.
- The results from that meeting are in and the company got approval from shareholders to divest the Bendon business.
- To go along with this, the company signed the definitive agreement to divest the business and also completed the transaction.
Justin Davis-Rice, CEO of Naked Brand, said this about the divesture news.
“I strongly believe we did what was best for our shareholders and have now positioned Naked with the necessary capital to drive shareholder value in the coming months and years. We have a strong balance sheet, no debt and an asset-light operating model and we see a very favorable M&A environment in e-commerce businesses around the globe.”
The divesture news and push to $1 have investors in NAKD stock taking to social media to try and rally others. It’s a favorite of retail traders on Reddit and Twitter (NYSE:TWTR).
$NAKD. If we can break that .74 line of resistance, we might have a runner.
— Alveraz Ricardez (@AlverazRicardez) April 30, 2021
— The Stock Sniper (@Ultra_Calls) April 29, 2021
NAKD stock is also seeing heavy trading on today’s news. As of this writing, more than 169 million shares have changed hands. For comparison, its daily average trading volume is 114 million shares.
NAKD stock was up 12.9% as of Friday morning.
Investors that are interested in more penny stocks should stick around.
We’ve been giving penny stocks a bit more attention of late. A few examples worth mentioning are Castor Maritime (NASDAQ:CTRM), Citius Pharmaceuticals (NASDAQ:CTXR), Express (NYSE:EXPR), and others. You can learn more about these stocks below.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
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