Naked Brand Group Inc.’s (NASDAQ: NAKD) shares jumped over 360 percent during Wednesday’s pre-market hours after it completed its merger with international swimwear designer Bendon Limited.
Under the agreement, Naked and Bendon are now wholly-owned subsidiaries of a newly formed company, Bendon Group Holding Limited, which will be renamed Naked Brand Group Limited (‘Holdco’).
Naked shares were exchanged for Holdco shares at the rate of one Naked share for 0.2 Holdco shares. Holdco will trade on The Nasdaq Stock exchange under the symbol “NAKD”.
Justin Davis-Rice, Holdco’s Chief Executive Officer, commented, “We believe this merger will enable the combined company to strengthen its global industry leadership and continue to drive growth over the long-term. Through the use of the U.S. capital markets, we anticipate having financial flexibility to expand distribution networks and further develop our businesses as well as acquire complementary brands. We are excited to further revolutionize the lingerie industry through our unwavering commitment to best in category innovation in design and technology within product and brand development.”
Bendon also announced its financial results for the fiscal year ending on January 31, 2018. Bendon reported net revenue of NZ$131.4 million or $90.2 million and a net loss of NZ$37.4 million or $25.7 million for the 2018 fiscal year.