Naga Group AG, a brokerage firm, intends to raise $8.2 million through a private offering of convertible bonds.
The convertible bonds will carry a coupon of 11 percent and a maturity of six months.
According to the FNG platform, the bonds will be convertible by the holder into shares of NAGA Group at a conversion price of $1.97. If the conversion is successful, the brokerage company's share capital will increase by 4.16 million euros, or approximately 7.7 percent of its current share capital.
This decision was made because the company was able to overcome the unprofitable year of 2022. NAGA said it expects revenue and EBITDA growth in the first quarter of 2023. However, the broker did not release financial performance reports for the second half of last year and the first quarter of 2023.
Founded in 2015, NAGA provides clients with access to modern technology and innovative solutions for trading in the market. As of now, brokers' services are used by more than 1 million active traders and passive investors.
