Shares of Commerce denim apparel maker Joe’s Jeans Inc. rose last week as the company finalized its acquisition of Hudson Jeans, but the true impact of the acquisition has yet to come out in the wash.

When Joe’s Jeans announced in July that it would buy Hudson for $97.6 million in cash and convertible notes, its shares fell 12 percent and continued to slide. While the tide reversed last week as shares jumped 11 percent to close at $1.14 on Oct. 2, landing the company among the biggest gainers on the LABJ Stock Index, they are still well below the preannouncement price of more than $1.80. (See page 28.)

Jeff Van Sinderen, a senior analyst with West L.A. investment bank B. Riley & Co., said the movement on news of the closing might not be a surefire sign that investors are buying into the deal.

“These moves on microcap stocks, you have to be very careful reading into those,” he said. “These day-to-day trading moves really are just price action.”

Van Sinderen, who downgraded Joe’s Jeans from “buy” to “neutral” in July, said it is still too early to see the effects of the merger. The company will be assuming Hudson’s debts, and the depth of those obligations is unclear as Hudson has not released its financials yet.

“There’s debt involved now, they have to successfully combine the company and leverage,” said Van Sinderen, who added that the deal still could bode well in future savings for Joe’s Jeans.

“It’s going to take a while for the synergy of the acquisition to be apparent in the numbers in terms of being able to get the benefit of sourcing costs,” he said. “It’s two good brands, they certainly have an opportunity.”

Marc Crossman, Joe’s Jeans chief executive, said the deal would help with the company’s savings through its supply chain.

“The combination of our two organizations, which doubles the size of our business, significantly enhances our growth across wholesale, retail and e-commerce, both domestically and overseas,” he said in a statement announcing the closing last week. “The combination also provides operating and supply chain benefits that should drive meaningful cost savings in the future and underscores our positive outlook.”

Joe’s and Hudson will retain individual brand identities, employees of both companies will still work in separate facilities. Peter Kim, Hudson’s chief executive, will retain that position at Hudson and will join Joe’s Jeans board.