Why Shares of Cenntro Electric (Formerly Naked Brand) Are Down Today

Shares of Cenntro Electric Group (NASDAQ: NAKD), the company formerly known as Naked Brand, were trading lower on Thursday. The former meme stock has been moving steadily lower since mid-November, shortly after Naked Brand -- at the time still a struggling lingerie maker -- announced that it would merge with electric-vehicle maker Cenntro.

As of 10:45 a.m. ET, Cenntro's shares were down about 10.3% from Wednesday's closing price and down about 22.4% since the beginning of 2022.

Cenntro's story is an interesting one. The company is the result of a merger between a small privately held maker of electric commercial vehicles (Cenntro) and a publicly traded maker of lingerie and swimwear (Naked Brand) that became a hot meme stock early last year.

Source Fool.com