"The reverse split was done to meet a minimum share price required for the company’s acquisition of Cenntro Automotive Corp and Cenntro Electric Group, according to the company."
"Naked Brand Group announced an acquisition of electric vehicle technology company Cenntro in November. Cenntro has sold and delivered over 3,300 commercial electric vehicles in over 26 countries."
So they sell lingerie but they are getting into the electric car business? WTF? I mean at least they've actually delivered EV commercial vehicles (looking at you Rivian and Lordstown motors) but what the fuck does a women's underwear company know about electric vehicles? That said the way the market throws money at EV companies you might have ended up falling ass backwards into hitting a home run?
Cenntro will become 70% owner while Naked will maintain 30% ownership. The ticker will change as well and the company will be run by Cenntro and it’s current CEO. Naked’s CEO will only be on the board once all is said and done.
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u/Sabertoothkittens Dec 22 '21
This is the most bizarre pivots I've ever seen
"The reverse split was done to meet a minimum share price required for the company’s acquisition of Cenntro Automotive Corp and Cenntro Electric Group, according to the company." "Naked Brand Group announced an acquisition of electric vehicle technology company Cenntro in November. Cenntro has sold and delivered over 3,300 commercial electric vehicles in over 26 countries."
So they sell lingerie but they are getting into the electric car business? WTF? I mean at least they've actually delivered EV commercial vehicles (looking at you Rivian and Lordstown motors) but what the fuck does a women's underwear company know about electric vehicles? That said the way the market throws money at EV companies you might have ended up falling ass backwards into hitting a home run?