NAKD - Why did Naked Brand stock drop today? A reverse split factors in

Naked Brand Group Ltd (NASDAQ:NAKD) is lower after adjusting for a 1-for-15 reverse stock split today. Shareholders approved the reverse split at an extraordinary meeting on December 20 Shares of NAKD are down 6.15% on the split-adjusted basis as investors digest the big share count reset. Last month, the privately-held company that Naked is combining with, Cenntro Automotive, said it received an order for 2,000 electric vehicles. Deliveries are expected to begin in January. "The Metro order will be deployed to support last-mile delivery and logistics companies including Amazon Fleet, Amazon’s local delivery partner in Japan, and Hana Cupid, Japan’s largest floral gifting association," states Cenntro. The EV order follows the recent announcement of Cenntro's Metro receiving Kei car approval as the first imported, non-Japanese made, all-electric commercial vehicle.

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Why did Naked Brand stock drop today? A reverse split factors in