Why Naked Brand's Stock Is Surging Today

Naked Brand Group Limited NAKD shares are trading higher after the company's Chairman and CEO announced the company believes it has found an opportunity in the clean technology sector.

'I provided an update on the status of our plans to find a merger or acquisition partner following the divestiture of the bricks-and-mortar operations of Bendon that resulted in an expanded balance sheet with a net cash position of $270 million USD for Naked Brand Group,' said by company's Chairman and CEO, Justin Davis-Rice.

Davis-Rice also said 'I am happy to report that after extensive searching and due diligence, we believe we have found a disruptive opportunity in the clean technology sector. Due diligence on both sides is progressing and we believe the business combination will reward our patient shareholders.'

Naked Brand Group Limited designs, retails, and sells women's and men's intimates apparel and swimwear products primarily in the United States. 

Naked Brand's stock was trading about 23.6% higher at $0.73 per share on Friday at the time of publication.