If you looked away from the transformation of Naked Brand Group (NASDAQ:NAKD) in November, then you missed a bombshell. That’s saying a lot given what NAKD stock investors have been experiencing. Few clothing retail companies have undergone the turmoil this one has in the past two years — and with the pandemic’s impact on the retail landscape, that also is saying a lot. But the latest development is the most out of left field thing to happen to this penny stock and Reddit trader favorite, bar none. In November, Naked Brand announced the planned acquisition of Cenntro Automotive Group.
That’s right, Naked Brands has pivoted dramatically and will soon be an electric vehicle (EV) company. And not just any EV company; one that already has a proven lineup of commercial vehicles in production, sales in the order book, and bragging rights for having more of its commercial EVs in use by customers than any other manufacturer. NAKD stock remains a penny stock, making it perhaps the biggest bargain in the red-hot EV sector. Or it will be, assuming Naked shareholders approve the acquisition at a Dec. 21 meeting. Click here to read more on this article at The Wall Street Journal and stay informed of new changes.