Naked Brand Group Limited (NASDAQ:NAKD) shares rose Thursday. The company reported pricing of $50 million registered direct offering priced at-the-market.
The Australian-based Naked Brand, a global leader in intimate apparel and swimwear, today announced that it has entered into securities purchase agreements with certain institutional investors for the issuance and sale of 29,415,000 of its ordinary shares at a price of $1.70 per share, for aggregate gross proceeds of approximately $50 million, in a registered direct offering priced at-the-market under NASDAQ rules.
Maxim Group LLC is acting as the sole placement agent for the offering.
Also this week, came news that the company plans to undertake a transformative restructuring in which it will shed its brick-and-mortar operations in order to focus exclusively on the planned rapid acceleration of its e-commerce business. Naked will seek to leverage its brand, platform and build out proprietary technology to meet the needs of consumers in today's digital world.
"Consumer trends are rapidly evolving away from brick and mortar towards online shopping, with e-commerce expected to represent 22% of global retail sales by 2023 or $6.5 trillion, according to eMarketer," said Chairman Justin Davis-Rice
"We have experienced success with our e-commerce business and are prepared to rapidly expand our existing digital footprint as we pursue the development of a single, world-class technology platform serving the intimate apparel industry and seek to become the conduit for consolidation."
NAKD climbed 70 cents, or 50.7%, at the outset Thursday to $2.08.
