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NAGA Group Looks to Raise $8.2 Million through Issuance of Convertible Bonds

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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 conver

NAGA Group Looks to Raise $8.2 Million through Issuance of Convertible Bonds

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

Introduction

In a recent report, NAGA Group, the operator of cryptocurrency platform NAGAX, has expressed its interest in raising $8.2 million through the issuance of convertible bonds. The company has a revolutionary banking application called NAGA Pay. According to the report, the decision to issue convertible bonds was made by the company’s management committee and must be approved by the board of supervisors.

What Are Convertible Bonds?

Before delving any deeper, let us first understand what convertible bonds are. These are bonds issued by companies that have the option of being converted into a specified number of shares of common stock in the company. This means that investors have the opportunity to convert their bond investments into equity in the company.

The Offer

The convertible bonds being offered by NAGA Group come with an 11% coupon and a period of six months, from April 28 to October 30, 2023. It is important to note that the issuance of these bonds does not include the legal subscription rights of shareholders of listed companies on the Frankfurt Stock Exchange.

NAGA Group’s Reasoning

According to NAGA Group, the decision to issue convertible bonds this time had been made by the company’s management committee. The bonds are issued to help raise capital for the company while allowing investors to convert the bonds into shares of the company’s common stock.

Approval by the Board of Supervisors

As mentioned earlier, the issuance of these convertible bonds must be approved by the board of supervisors. This is a common practice, as it ensures that the company is taking the right steps to ensure its success in the long run. In this scenario, the board of supervisors will examine the proposed issuance and decide if it’s in the best interest of the company.

NAGA Pay

NAGA Pay is an innovative banking application developed by NAGA Group. It’s designed to provide cutting-edge financial solutions for individuals and businesses alike. The application is built upon the company’s robust security infrastructure and is designed to provide users with a seamless and secure banking experience.

Conclusion

NAGA Group’s decision to issue convertible bonds demonstrates the company’s commitment to its long-term success. With the potential to raise $8.2 million, the bonds provide investors with the opportunity to claim equity in the company. The approval of the board of supervisors will be critical for the success of this offering.

FAQs

1. What are convertible bonds?

Convertible bonds are bonds issued by companies that have the option of being converted into a specified number of shares of common stock in the company.

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

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

3. What is NAGA Pay?

NAGA Pay is an innovative banking application developed by NAGA Group. It’s designed to provide cutting-edge financial solutions for individuals and businesses alike.

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