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NAGA Seeks to Raise $8.2M in Convertible Bond

NAGA Seeks to Raise $8.2M in Convertible Bond

German fintech company NAGA Group, which operates the neo-broker NAGA, is seeking to raise $8.2 million from a convertible bond offering. The move comes after the company incurred significant losses last year and posted a drop of 36% in Q1 2023 revenue. The convertible bond, which will be offered with a coupon of 11% and a maturity of six months between April 28 to October 30, 2023, excludes the statutory subscription rights of the Frankfurt Stock Exchange-listed company’s shareholders. Upon full conversion, the bonds will raise NAGA’s current share capital by 7.7%. NAGA added that it has already received a subscription commitment from an unnamed “major investor.”

NAGA Seeks to Raise $8.2M in Convertible Bond

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