Naked Brand Group Ltd (NASDAQ: NAKD) is continuing to trade higher Monday after the company's chairman and CEO, Justin Davis-Rice, stated Friday that the company had found an opportunity in clean technology.
"I am happy to report that after extensive searching and due diligence, we believe we have found a disruptive opportunity in the clean technology sector. Due diligence on both sides is progressing and we believe the business combination will reward our patient shareholders," said Davis-Rice in a letter to shareholders.
Davis-Rice continued, "We have made significant progress over the past few weeks and believe the path to a definitive agreement is in sight. However, there can be no assurance that we will sign a definitive agreement, or if we do sign an agreement, that we will be able to close the business combination."
Naked Brand operates as an intimate, apparel and swimwear company.
NAKD Price Action: Naked Brand has traded as high as $3.40 and as low as 6 cents over a 52-week period.
The stock was up 7.59% at 73 cents at time of publication.
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