Naked Brand (NASDAQ:NAKD) stock is in the news today as electric vehicle (EV) maker Cenntro prepares an order that includes cars for Amazon (NASDAQ:AMZN) Fleet.
Let’s jump into that news below and unveil how all of these companies are connected.
- Investors would be forgiven for not understanding how an apparel company such as Naked Brand connects to the EV market.
- Naked Brand is preparing for a major shift in focus as the result of a deal with Cenntro.
- This will see it acquire the company in a stock for stock transaction.
- However, once the deal is complete, Naked Brands will change its name to Cenntro.
- Essentially, Naked Brand is being used as a vehicle to take Cenntro public.
- What won’t change is the company’s stock ticker, which will remain NAKD.
- Naked Brand is holding a special shareholder meeting on Dec. 21 to vote on the Cenntro acquisition.
- Now to move on to the Cenntro news that investors need to know about today.
- The EV company signed a deal for 2,000 metro vehicles via its channel partner in Japan.
- It expects to start deliveries at the start of 2022.
- Cenntro notes the EVs in this order will support last-mile delivery and logistics companies.
- That includes Amazon Fleet, as well as Hana Cupid, the largest Japanese floral gifting association.
- This is a major deal for Cenntro as the company has delivered 3,300 vehicles to date.
NAKD stock is down slightly as of Monday morning as jumping higher earlier today.
Investors seeking more stock market news today will want to keep reading!
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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. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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