FNG had educated via regulatory filings made in Germany that Retail FX and CFDs brokerage firm Naga Group AG is organizing to raise USD $8.2 million in new capital in the coming days, via a private offering of convertible bonds.

NAGA apparently already has a contribution commitment from a major investor. We expect the company to make a formal announcement shortly.
The convertible bonds will carry a coupon of 11% and have a term of 6 months, from April 28, 2023 to October 30, 2023. The bonds will be convertible by the holder into NAGA Group shares at a conversion price of USD $1.97 at any time during the term – NAGA shares closed Friday at €1.75, equivalent to $1.94. If the alteration is completed, the share capital of the company will increase by €4.16 million, which corresponds to approx. 7.7% of the current share capital.
The move comes as NAGA seems to have turned a corner following a loss-making 2022. NAGA reported a slight increase in Q1-2023 revenues, plus a return to desirability, although the company has yet to report final figures for 2H-2022 and for Q1-2023. Hamburg based NAGA Group operates offshore site and CySEC-licensed

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