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Naked Brand raises $5.5mn under market offering
17
Apr '17
New York headquartered apparel retailer Naked Brand Group has raised gross proceeds of $5.5 million under a market offering program (ATM). Naked Brand sold 2.189 million shares of common stock at an average price of $2.51 to the Maxim Group, LLC. The company has no further capacity to sell shares under its $7.5 million shelf registration statement.

Further, Naked has further amended its merger agreement with Bendon Limited. As per the amendment, the combined company would have total net debt of approximately $13 million upon transaction close, with approximately $6 million in assets under Naked, and $19 million in net debt under Bendon.

This compares to the previously contemplated total net debt of approximately $51 million, with $1 million in assets under Naked and $52 million in debt under Bendon.

Naked will merge into a subsidiary of a newly formed Australian holding company NewCo and the shareholders of Naked and Bendon will be issued shares of NewCo, which will become the new public company following the merger transaction. (AR)

Fibre2Fashion News Desk – India


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