Business Context and Reporting Period
This Form 6-K filing by Naked Brand Group Limited (trading as "NAKD") covers the month of March 2020, specifically dated March 11, 2020. The registrant is a foreign private issuer headquartered in Alexandria, NSW, Australia, and files annual reports on Form 20-F.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report is a notice of a regulatory event rather than a financial statement.
Material Changes
The primary material event is the receipt of a notice from the Nasdaq Listing Qualifications Department on March 11, 2020. The Company failed to satisfy the minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2), as the closing bid price for its ordinary shares remained below $1.00 per share for the last 30 consecutive business days.
Outlook, Risks, and Management Commentary
- Compliance Timeline: The Company has been afforded 180 calendar days, until September 8, 2020, to regain compliance.
- Compliance Requirement: To regain compliance, the closing bid price must be at least $1.00 per share for a minimum of ten consecutive business days.
- Current Listing Status: The notification has no immediate effect on the listing; shares will continue to trade uninterrupted under the symbol "NAKD."
- Management Action: The Company intends to actively monitor the bid price and consider all available options to regain compliance.
- Contingency: If the Company does not regain compliance within the 180-day period, it may be eligible for additional time.
Investor Verification Checklist
- Verify the current closing bid price of NAKD shares to assess proximity to the $1.00 threshold.
- Monitor for any press releases or filings regarding a reverse stock split or other corporate actions intended to increase the share price.
- Track the number of consecutive business days the share price remains above $1.00 to determine if the 10-day compliance window is met before September 8, 2020.
- Review the attached press release (Exhibit 99.1) for any additional details on management's specific strategy.