Naked Brand Group Limited Signs Definitive Agreement for $1.5 Million Strategic Investment from TokenPay Swiss AG
SYDNEY / ACCESSWIRE / May 14, 2019 / Naked Brand Group Limited (Nasdaq: NAKD) ("Naked" or the "Company"), a global leader in intimate apparel and swimwear, has signed a definitive agreement for a private placement of ordinary shares for aggregate gross proceeds of approximately $1.5 million with TokenPay Swiss AG, a holding company that invests in companies that incorporate blockchain technology products and services. TokenPay Swiss AG is one of Naked's largest institutional shareholders and in conjunction with the strategic investment, Naked and TokenPay agreed to integrate TokenPay and Bitcoin with its direct to consumer online payment portals.
"This agreement with TokenPay reinforces our commitment to improving our customer experience by accepting new forms of payment on a global scale," said Anna Johnson, Chief Executive Officer of Naked Brand Group Limited. "TokenPay became one of Naked's largest shareholders in the first quarter of 2019 after performing due diligence on our New Zealand and Sydney brands. As our relationship progressed, TokenPay increased their stake and provided Naked with additional capital to not only execute on our new growth strategy, but to also prepare for the payments world of the future," concluded Johnson.
- The ordinary shares were sold at a per share price of $0.25 pursuant to a subscription agreement with Naked.
- TokenPay Swiss AG was also granted warrants of 1,000,000 shares at a $0.25 strike price.
- Naked intends to use the proceeds from the private placement for working capital, general corporate purposes and the integration of TokenPay.
The securities sold in the private placement have not been registered under the Securities Act of 1933, as amended, or state securities laws as of the time of issuance and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or an applicable exemption from such registration requirements.
This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities, nor shall there be any sale of the securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction. Any offering of the securities under the resale registration statement will only be by means of a prospectus.
Further details regarding this private placement can be found in Naked Brand Group Limited's Current Report on Form 6-K to be filed with the Securities and Exchange Commission or the investor relations section of the Company's website here.
About TokenPay Swiss AG
TokenPay Swiss AG is a holding company that primarily invests in companies that incorporate and develop blockchain technology products and services. In July 2018, the company partnered with the Litecoin Foundation. It has an extensive financial ecosystem that includes key stakes in global banking, asset management and blockchain development firms. These strategic and equity investments include meaningful stakes in WEG Bank AG, TokenSuisse AG and Blocksize Ltd. The head of the Supervisory Board is Senator h.c. Prof. Dr. Jörg E. Wilhelm, Professor of International Business Law at SRH University Berlin, lawyer at and President of TRUSTED ADVISORS Group. a Swiss based multinational operating law firm. TokenPay Swiss AG actively seeks investment opportunities in new and emerging industries where the use of cryptography is nascent and management is receptive towards engagement and cooperation. For more information please contact the office of TokenPay Swiss AG +41 41 833 88 30.
About Naked Brand Group Limited:
Naked Brand Group Limited (NASDAQ: NAKD) is a leading intimate apparel and swimwear company with a diverse portfolio of brands. The company designs, manufactures and markets a portfolio of 11 company-owned and licensed brands, catering to a broad cross-section of consumers and market segments. Brands include Naked, Bendon, Bendon Man, Davenport, Fayreform, Hickory, Lovable, Pleasure State, Heidi Klum Intimates, Heidi Klum Man, Heidi Klum Swim. Naked Brand Group Limited products are available in 44 countries worldwide through 6,000 retail doors, a growing network of E-commerce sites and 61 company-owned Bendon retail and outlet stores in Australia and New Zealand. Brands are distributed through premier department stores, specialty stores, independent boutiques and third-party e-commerce sites globally, including Macy's, Nordstrom, Saks Fifth Avenue, Harrods, Selfridges, Amazon and ASOS among others. For more information please visit www.nakedbrands.com.
This communication contains 'forward-looking statements' within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts. Such statements may be, but need not be, identified by words such as "may," "believe," "anticipate," "could," "should," "intend," "plan," "will," "aim(s)," "can," "would," "expect(s)," "estimate(s)," "project(s)," "forecast(s)", "positioned," "approximately," "potential," "goal," "pro forma," "strategy," "outlook" and similar expressions. Examples of forward-looking statements include, among other things, statements regarding future financial performance, future growth in our business, trends in our industry, product innovation and operational expansion. All such forward-looking statements are based on management's current beliefs, expectations and assumptions, and are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the results expressed or implied in this communication. Among the key factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements are the following: our ability to successfully integrate a blockchain payment system into our existing e-commerce operations; our ability to manage the risks related to transactions in cryptocurrencies; our ability to integrate the operations of Bendon Limited and Naked Brand Group Inc.; the risk that the projected value creation and efficiencies from the transaction with Bendon Limited and Naked Brand Group Inc. will not be realized; difficulties in maintaining customer, supplier, employee, operational and strategic relationships; the possibility that a robust market for our shares may not develop; our ability to raise additional financing; our ability to anticipate consumer preferences; and the other risks and uncertainties set forth under "Risk Factors" in our Annual Report on Form 20-F for the fiscal year ended January 31, 2018, as amended. Further, investors should keep in mind that our revenue and profits can fluctuate materially depending on many factors. Accordingly, our revenue and profits in any particular fiscal period may not be indicative of future results. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements, whether as a result of new information, future events, changes in assumptions or otherwise, except as required by law.
Naked Brand Group Limited
MZ North America
SOURCE: Naked Brand Group Limited
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Released May 14, 2019