NAGA Group has announced a significant financial move to partially repay its convertible bond investors. The company revealed that it had secured a loan with a 12-month term from an undisclosed institutional investor to address its financial obligations.

Last April, NAGA Group successfully raised $8.2 million through convertible bonds that carried an 11 percent coupon. As the maturity date for these bonds approached on October 30, NAGA took the proactive step of renegotiating the terms to ensure the continued strength of its financial position.

Under the amended terms, NAGA Group will make a partial repayment of $6 million at the end of this month. The remaining $2.7 million, along with accrued interest, will be repaid on January 30, 2024. Importantly, NAGA also highlighted that none of the convertible bondholders exercised their conversion rights, which signifies the company’s commitment to safeguarding the non-dilution of its shares.

NAGA Group Secures Loan to Repay Convertible Bond

In addition to this financial development, NAGA Group continues to make significant strides in expanding its presence and services. The company operates as a brokerage with regulatory licenses not only in Germany but also from regulators in Cyprus and Seychelles. In 2022, it acquired a crypto license in Estonia and established a cryptocurrency exchange as part of its evolving portfolio.

NAGA’s commitment to growth extends to its white-label product offering, which has now become fully operational. The company recently entered into a partnership with an online brokerage in Kuwait, indicating its intent to enter the Middle Eastern market. The white-label service is going to generate platform fees, transaction-based income, and volume-driven revenue.

Furthermore, NAGA unveiled a new feature named ‘communities,’ designed for super-influencers, trading educators, and partners. This feature enables them to promote their services on the NAGA platform and create a personalized engagement space for their followers.

Benjamin Bilski, Founder, and CIO at NAGA, shared his thoughts on this new feature, saying, “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.”

Moreover, NAGA Group’s recent financial results also reflect its growing success. In the first nine months of 2023, the company reported revenue of €28.4 million from its brokerage business. Its preliminary EBITDA for the same period stood at €4.2 million, representing a remarkable ratio of approximately 15 percent.

Lastly, NAGA Group’s strategic moves and robust financial performance demonstrate its commitment to providing innovative financial services and its ambitions for future growth in an ever-evolving industry.

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