Brokerage NAGA Group AG said it was able to negotiate a 1-year loan with an institutional investor without conversion rights.
The broker did not specify the amount of the loan, but said the funds will be used to partially repay a six-month loan of $8.2 million from April 2023 by issuing convertible notes.
According to information released by FNG, NAGA confirmed that it has agreed to adjust the terms of the convertible notes due October 30, 2023 to include a partial repayment of $6 million on the due date plus an additional $2.7 million (including accrued interest) by January 30, 2024.
In addition, NAGA said that the holder of the convertible notes will not exercise its conversion right, so there will be no shareholder dilution.
In addition, the company said it is preparing to enter into its first white label partnership with a regulated online broker in Kuwait. To this end, the NAGA broker has developed a unique "Communities" feature that allows its users (influencers, trading educators and partners) to manage and promote their own social trading community through NAGA's unique platform.
"In the course of our R&D and engineering efforts, we have identified a problem for our existing super influencers and partners who manage their communities using ordinary Social Media apps such as Instagram, Facebook or Telegram where communication and trading activity is disconnected. With the NAGA communities feature, Influencers can utilize all our social media features which are instantly connected with the trading platform and run their very own community branded as their own platform. This will drive more personalized engagement and identification of the community as a whole," said Benjamin Bilski, founder and CIO of NAGA.
Read more: Binance takes action to dismiss CFTC lawsuit.
