NAGA Group to Raise $8.2 Million Through Convertible Bonds

04/17/2023 15:32 • Blockchain Briefs • 82 views

It is reported that NAGA Group, the operator of cryptocurrency platform NAGAX, is seeking to raise US $8.2 million through the issuance of convertible bonds. The issuance of convertible bonds does not include the legal subscription rights of shareholders of listed companies on the Frankfurt Stock Exchange. The coupon is 11% and the period is six months from April 28 to October 30, 2023. NAGA Group also operates NAGA Pay, an innovative banking application. The company said that the decision to issue convertible bonds this time had been made by the company’s management committee, but it must be approved by the board of supervisors. （financemagnates）

NAGA Group plans to raise US $8.2 million by issuing convertible bonds

In a bid to secure funds, NAGA Group, the operator of the cryptocurrency platform NAGAX, is reportedly seeking to raise US $8.2 million through the issuance of convertible bonds. The move is aimed at supporting the growth of the NAGAX platform, as well as its banking application, NAGA Pay.

What are Convertible Bonds?

Convertible bonds are a type of debt security that can be converted into equity at a specific time or event in the future. This means that investors who buy these bonds have the option to convert their bonds into shares of the company’s stock at a predetermined price.

Legalities Involved

It is important to note that the issuance of convertible bonds does not include the legal subscription rights of shareholders of listed companies on the Frankfurt Stock Exchange. This is a regulatory requirement that protects existing shareholders.

Details of NAGA Group’s Bond Issue

The coupon for the convertible bonds issued by NAGA Group is 11%, and the period is six months – from April 28th to October 30th, 2023. The decision to issue convertible bonds has been made by the company’s management committee, but it must still be approved by the board of supervisors.

The Benefits of Convertible Bonds

Convertible bonds can be an attractive investment option for investors who want to hedge their bets. Since convertible bonds offer the assurance of fixed income, they generally require lower yields. At the same time, they offer investors the possibility of earning higher returns if the company’s stock performs well.

NAGA Group’s Focus

NAGA Group is focused on developing innovative solutions in the digital finance space. The company’s goal is to create a comprehensive digital banking platform, with cryptocurrency trading, banking, and investment services all under one roof.

NAGA Pay

In addition to its cryptocurrency platform, NAGA Group also operates NAGA Pay, an innovative banking application that allows users to manage their finances in a streamlined and user-friendly way. With NAGA Pay, users can manage their bank accounts, transfer money to other users, and even make purchases with their smartphones.

Conclusion

The decision by NAGA Group to issue convertible bonds is an important step in its growth strategy. By raising funds through this method, the company can invest in expanding its platform and developing new products that will help it stay ahead of the competition in the digital finance space.

FAQs

What is NAGA Group?

NAGA Group is an operator of the NAGAX cryptocurrency platform and NAGA Pay – a banking application.

How will the funds from the convertible bonds be used?

The funds from the bond issuance will be used to support the growth of the NAGAX platform and NAGA Pay.

What is the coupon for NAGA Group’s convertible bonds?

The coupon rate for NAGA Group’s convertible bonds is 11%.

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