Why Cenntro Electric Group Stock Is Plummeting Today
Shares of Cenntro Electric Group (NASDAQ: NAKD) are down roughly 13% as of 1:45 p.m. ET. The company, which was previously known as Naked Brand Group prior to the recent combination with Cenntro, has seen volatile trading since the combination and pivot to the electric vehicle space.
Cenntro Electric stock fell after the company published a 13D filing with the Securities and Exchange Committee (SEC) outlining ownership stakes in the company and a previously unknown lockup period for a substantial portion of the company's outstanding shares. In addition to the impact from the filing, growth-dependent stocks are seeing rocky trading in today's session, with the Nasdaq Composite index down roughly 1.5% as of 1:45 p.m. ET.
Image source: Cenntro Electric Group.
Source Fool.com
