Naked Brand raises $50 mln as shares skyrocket amid trading frenzy
28/01/2021 13:50
** Naked Brand Group NAKD.O shares up more than 100%
premarket to around $3 after intimate apparel and swimwear firm
raises equity
** Co late Weds announced https://ir.nakedbrands.com/press-releases/detail/134/naked-brand-group-announces-pricing-of-50-million
entered into securities purchase agreements with certain
institutional investors for sale of ~29.4 mln shares at $1.70,
for $50 mln gross raise
** On Weds, NAKD's stock soared 252% to $1.38 as it, along
with other cos such as Build-A-Bear Workshop BBW.N , have seen
their shares surge amid social-media driven trading frenzy that
has forced hedge funds to cover short positions urn:newsml:reuters.com:*:nL4N2K3389
** ~13% of NAKD's free float of shares were sold short as of
Jan 15, per Refinitiv data
** Last week, NAKD said it would undergo restructuring, shed
physical stores to focus on e-commerce operations urn:newsml:reuters.com:*:nFWN2JW10O
(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-332-219-1430))