Naked Brand Group, Inc. (NAKD)

[KoenigSalomon]

On April 10, 2017, Naked Brand Group Inc. (the “Company”) and Bendon Limited (“Bendon”) entered into Amendment No. 3 (the “Amendment”) to the Letter of Intent, dated December 19, 2016, as amended February 10, 2017 and March 9, 2017 (the “LOI”), previously executed by the Company and Bendon in connection with a proposed business combination (the “Business Combination”).


The Amendment, among other things, (i) extends the date by which the parties shall have entered into a definitive agreement regarding the Business Combination before certain penalties may be incurred from April 10, 2017 to May 26, 2017; (ii) revises the the Net Assets (as defined in the Amendment) level to $5.8 million, which amount will be adjusted as a result of any subsequent capital transactions agreed to by the Company and Bendon; and (iii) amends certain other terms and conditions of the LOI. Except as amended by the Amendment, the material terms of the LOI remain in full force and effect.