Why Naked Brand Stock Soared Today
Shares of Naked Brand Group (NASDAQ: NAKD) surged 21.8% on Monday, as investors' excitement about a potential game-changing acquisition reached a fever pitch.
Naked Brand's popularity among traders on Reddit and other social media sites helped it raise cash via stock offerings earlier this year. After ridding itself of debt and amassing a war chest of $270 million, Naked Brand's management team went hunting for takeover targets.
On Friday, the company announced that it had found a "disruptive opportunity" in the clean energy industry that could serve as a potential merger partner.
Source Fool.com
