Naked Brand Group announces pricing of registered direct offering
Naked Brand Group announced that it has entered into securities purchase agreements with certain institutional investors providing for the purchase and sale of 28,571,429 ordinary shares at a price of 7c per share in a registered direct offering, resulting in total gross proceeds to the company of approximately $2M. The company has also agreed to issue to the investors unregistered warrants to purchase up to 28,571,429 ordinary shares. The warrants have an exercise price of 7c per ordinary share, will be exercisable immediately and will expire five and one-half years following the date of issuance. Naked intends to use the net proceeds from the offering for working capital and other general corporate purposes. The registered direct offering to institutional investors is expected to close on or about August 19, 2019, subject to the satisfaction of customary closing conditions. H.C. Wainwright & Co. is acting as the exclusive placement agent for the registered direct offering to institutional investors.