Home / Knowledge / News / Apparel/Garments / Lincoln Park picks $8 million equity in Naked Brand Group
Lincoln Park picks $8 million equity in Naked Brand Group
30
Nov '13
Naked Brand Group Inc., a global lifestyle brand focused on enhancing the architecture of the body, announced that it has entered into a common stock purchase agreement with Lincoln Park Capital Fund, LLC (“LPC”), a Chicago-based institutional investor, whereby LPC has purchased $300,000 of its common stock and committed to invest, at the Company’s sole option, up to an additional $8 million of equity capital.

Upon signing the agreement, LPC invested $300,000 in Naked at a price of $0.50 per share as an initial purchase under the agreement.  In addition, during the 24-month term of the purchase agreement the Company, at its sole discretion, has the right to additionally sell to LPC up to an aggregate of $8 million of its common stock, in certain amounts and subject to certain conditions, which includes the effectiveness of a registration statement with the U.S. Securities and Exchange Commission (“SEC”) covering the sale of the shares that may be issued to LPC. 

The Company controls the timing and amount of any future investment and LPC is obligated to make purchases, if and when the Company decides in accordance with the purchase agreement

There are no upper limits to the price LPC may pay to purchase Naked common stock and the purchase price of the shares related to any future investments will be based on the prevailing market prices of the Company’s shares immediately preceding the notice of sale to LPC. 

LPC has agreed not to cause or engage in any manner whatsoever, any direct or indirect short selling or hedging of the Company’s shares of common stock.  In consideration for entering into the agreement, the Company has issued shares of common stock to LPC as a commitment fee. 

The agreement may be terminated by the Company at any time, at its sole discretion, without any monetary cost.  The proceeds from this investment will be used for inventory purchases and other working capital requirements.

“The initial investment by Lincoln Park Capital as well as the access to additional capital increases our flexibility to increase our inventory levels to meet anticipated growth needs in Quarter 3 and Quarter 4.” said Joel Primus, President & CEO of Naked.

Naked Brand Group


Must ReadView All

Apparel/Garments | On 26th Jun 2017

GSTN registration reopens

E-commerce operators and TDS (tax deducted at source) deductors can...

Textiles | On 26th Jun 2017

Expedite release of ROSL pending claims: TEA to Centre

The Tiruppur Exporters' Association (TEA) has again urged Union...

Textiles | On 26th Jun 2017

'Export promotion schemes to continue under GST regime'

The export promotion schemes will continue under GST regime, said...

Interviews View All

Mohammad Mamun Ar Rashid
UL VS Bangladesh Ltd

Productivity, creativity and innovation play a vital role in the growth of ...

Jurgen Gauger
Spreadshirt

‘Buying crowdsourced or creative designs are much more appealing to the...

Sanjay Desai & Ashish Mulani
True Colors

Digital textile printing will be the technology of the future

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
July 2017

July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search