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current news

Naked CEO, Armistice Capital Invest $3.4M


(Filed Under Financial and General Interest News). Both Naked’s CEO and its largest institutional investor recently “closed a private placement of ordinary shares and warrants for aggregate gross proceeds of approximately $3.4 million.”

CEO Justin Davis-Rice and Armistice Capital were sold ordinary shares “at a per share price of $1.55 pursuant to a subscription agreement with each investor. Each investor also received a warrant to purchase 100% of the number of ordinary shares for which it subscribed. The warrants have an exercise price of $1.55 per share and will expire three years from the date of issuance.”

Steven Boyd, chief investment officer of Armistice Capital declared, “our continued investment in Naked reflects our confidence in the company’s ability to exploit its under-leveraged operating infrastructure with its global flagship, heritage and mass market brands in addition to synergistic eCommerce targets in the United States. Over time, we believe Naked shares will start to reflect the turnaround that has taken place in the last twelve months. From a macro perspective, we continue to see compelling acquisition multiples for similar direct-to-consumer and eCommerce companies around the globe that exhibit similar financial profiles as Naked Brand Group Limited.”

The price of Naked’s shares has fallen dramatically in recent months, down 70% from August 28, when they traded at $4.26, to $1.25 at the close of market on October 29.

Davis-Rice added, “this additional capital strengthens our balance sheet and will support a number of near-term objectives. We appreciate the support of our existing shareholders and the confidence this additional investment conveys in our business.” He made no mention, in the October 25th announcement, of previously announced plans to make acquisitions in the online retail space. — NM


more Financial and General Interest News >>

Published 10-30-2018 by Nick Monjo

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