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Added: Aug 2015

Added: Aug 2015

Added: Aug 2015

Added: Aug 2015

Added: Aug 2015

current news

Naked: Listing Warning, New Offering Planned

(Filed Under Financial and General Interest News). Naked Brand Group has registered with the SEC to raise additional funds through the sale of various financial instruments, including stock, with “an aggregate initial offering price not to exceed $7,500,000.”

Meanwhile, at the end of September the company was notified by NASDAQ that it no longer complied with a listing rule on maintaining “a minimum of $2,500,000 in stockholders’ equity,” noting that Naked’s stockholders’ equity was $1,558,715 in its most recent quarter ended July 31, 2016. The notice “has no immediate effect on the listing of the company’s common stock on the NASDAQ,” said Naked, noting that it “is currently evaluating various alternative courses of action to regain compliance,” and has several months to solve the problem.

In discussing the plan to raise additional capital, Naked stated “we anticipate that the net proceeds from our sale of any securities offered hereunder, if any, will be used for general corporate purposes, which may include, among other things, working capital, acquisitions, capital expenditures, repayment of debt and other business opportunities.”

As of July 31st the company reported it had $736,406 in cash. On January 31st, 2016 it reported $4,780,994 in cash.

In its most recent, second quarter, Naked’s sales fell 18% while its losses continued to grow, reaching $3.3 million for the quarter. The latest loss comes after a string of deficits. In its fiscal year 2015, ending January 31, 2016, Naked lost $19.06 million; in 2014 it lost $21.08 million; in 2013 it lost $4.24 million. — NM

more Financial and General Interest News >>

Published 10-14-2016 by Nick Monjo

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