NAGA Group Secures $8M at a 57% Premium, Anchored by CEO’s Share Pledge
By Adonis Adoni
AI summary of the source article
The NAGA Group secured an $8 million cash injection via a 36-month convertible bond from institutional investors Presto and MDream at a 57% premium, implying a pre-money valuation of roughly $99.2 million. The bond carries an 8.0% annual coupon and a $4.2615 conversion price, with CEO Octavian Patrascu pledging up to 762,742 personal shares as protection against reduced conversion prices. Presto will partner with NAGA to enhance trade execution and risk management, while MDream will assist in developing digital wallet and payment capabilities across NAGA's markets in Europe, the Middle East, and Latin America.
Why it matters
The financing and strategic partnerships provide NAGA with capital and technical resources to upgrade risk management, trade execution, and payment features across its key regional markets.
Key facts
- NAGA secured an $8 million convertible bond carrying an 8.0% annual coupon and a conversion price of $4.2615.
- CEO Octavian Patrascu pledged up to 762,742 personal shares free of charge to investors if conversion occurs at a reduced price.
- Presto and MDream gained the right to nominate a Supervisory Board candidate and will assist with trade execution and digital wallet upgrades.