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$Cenntro Electric (NAKD.US)$ Naked Brand group announced it ...
$Cenntro Electric (NAKD.US)$ Naked Brand group announced it had completed a 1-for-15 stock split. Stock splits change the number of shares outstanding, but they don't actually change the percentage of a company that shareholders own. This particular stock split was undertaken to facilitate Naked Brand Group's acquisition of Cenntro Automotive Group.
Cenntro Automotive makes commercial electric vehicles and other such auto tech. The main purpose of this deal appears to be for private Cenntro to get listed on an exchange without having to go through the IPO process. The deal was approved by shareholders on Dec. 21. After this acquisition is completed, Naked Brand Group will keep its ticker, but change its name to Cenntro. So, Naked Brand Group isn't going to be the same company that it has been for much longer. The acquisition is expected to be completed before the end of 2021.
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