EQS-News

NAGA’s Shareholders approve the merger with CAPEX.com with a positive vote of 99.81%

EQS-News: The NAGA Group AG / Key word(s): Merger/Expansion NAGA’s Shareholders approve the merger with CAPEX.com with a positive vote of 99.81% 22.04.2024 / 08:30 CET/CEST The issuer is solely responsible for the content of this announcement. NAGA’s Shareholders approve the merger with CAPEX.com with a positive vote of 99.81%

• NAGA’s EGM on April 12th approves the merger with CAPEX.com with a strong confidence vote.
• New CEO Octavian Patrascu presented his vision and direction towards innovation and the expansion of NAGA’s ecosystem, aiming to make financial services more accessible and efficient for investors worldwide.
• The Executive Board has been buying back shares from the market. 

Hamburg, April 22th – The NAGA GROUP AG (XETRA: N4G, ISIN: DE000A161NR7), provider of the All-in-One Financial Super-App NAGA, is pleased to announce that the Extraordinary General Meeting of the Shareholders which took place on April 12th has given the green light for the merger with CAPEX.com with a vote of 99.81%.

During the EGM, the newly appointed CEO of NAGA AG, Octavian Patrascu, put forward the vision for the “New NAGA”, which boasts a new regulatory framework of 9 licenses (with 2 additional in the process of approval) and 12 offices worldwide, increasing the global reach of the Group and ability to service over 100 countries. Vouching to sustain the company’s mission to democratize access to financial markets, Patrascu presented the roadmap for the company’s product and the expected seamless integration of all 4 financial verticals into a unified ecosystem for the user, the NAGA SuperApp.

Key highlights from his presentation include:

• Market Expansion: Detailed plans to propel NAGA into new and untapped markets, broadening the company's global footprint and harnessing new customer segments. This move is expected to significantly boost the company's market share and strengthen its position in the competitive financial technology landscape.
• Product and App Enhancements: Recognizing the pivotal role of technology in financial services, he announced major upgrades to the NAGA app, focusing on improving user experience. The product development roadmap includes improving the community-based ecosystem, AI integrations and unique features empowering the users to become creators of their own financial instruments.
• NAGA SuperApp: Introduced plans to unify all existing NAGA services into a single, integrated platform – the NAGA SuperApp, creating a unified ecosystem, offering users a complete range of services ranging from trading and investing to crypto, neo-banking and personal finance management.
• Merger with CAPEX.com: Pending regulatory approval and the entry of the general meeting resolutions in the commercial register, the strategic merger is designed to boost NAGA’s financial efficiency, capitalizing on the synergies between the two companies (internal evaluation shows that these can exceed $10 million per year). NAGA will additionally benefit from Capex’s skilled management which has a proven track record, with a core team that has been working beside Octavian Patrascu for over 15 years. Additionally, joint strategies are expected to improve marketing efficiency, reducing client acquisition costs, and boosting brand reach and recognition.

Octavian Patrascu commented on the strong confidence vote: “This EGM was a first for me as the CEO of NAGA Group and I'm excited that it resulted in the approval of the merger and the new proposed Supervisory Board, with such a significant voting majority. Securing this vote will allow us, after the regulatory approvals for the merger, to execute the new business plan. We are expanding the global reach of NAGA and upgrading the SuperApp to offer a true all-in-one user experience, unique in the world of Fintech.”