Abstract:The broker will terminate direct businesses in the United Kingdom throughout the month of December.
Hamburg-based NAGA Group AG (XETRA: N4G) is planning for an initial public offering (IPO) in the United States, thus marking an associated listing of its shares on the US technology exchange, NASDAQ.
NAGA is already listed in Germany on Deutsche Börses Xetra. The company is now moving to list itself in the United States primarily to tap into a much broader group of investors that will significantly strengthen its profile on the capital market.
Announced on Wednesday, the German company is expected to complete the US listing by the second half of 2022, but that will depend on the market and other conditions. However, the company did not provide any details on the expected US IPO.
NAGAs offerings include its flagship copy and social trading platform and other brokerage services. In recent months, the company expanded services by launching a payment platform, global stock trading services, and a non-fungible token (NFT) platform.
Meanwhile, trading demand on NAGA continued to jump over several quarters in the past. The social trading platform closed the past two consecutive quarters with revenue of $15 million and $21 million, respectively. Now, the company is expecting consolidated sales of EUR 95 million to EUR 105 million for the financial year 2022.
The company detailed that the efforts for the US IPO are being ‘supported by a continuously strong development of the operative business’.
In addition, NAGA announced that it will terminate all direct business relationships with UK-based customers in the course of December, citing regulatory restrictions, and it also informed the FCA about its plan.
Before its approach to the US market, the German company secured significant investments for financing global growth aspects. Most recently, it secured EUR 34 million from a private share placement, after raising another EUR 22.7 million and receiving an additional guarantee of €30 million in capital over the next three years.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
The BrokersView Expo Dubai 2024 is a premier event in the financial industry, bringing together top financial institutions, brokers, and technology providers from around the globe. As the Gold Sponsor of BrokersView Expo Dubai 2024, Easy Trading Online took the opportunity to showcase our latest products, service technologies, and core competitive advantages in the forex trading field.
Easy Trading Online Broker Proud to be a trusted Forex trading platform. Fulfilling all the mentioned criteria, we provide: A trading platform that is easy to use and understand. Advanced market analysis tools To help you keep track of market changes and make effective trading decisions. Competitive trading fees It will help you save on your expenses. Professional customer support team Always available to advise when in doubt 24/7.
On Wednesday, U.S. stocks rebounded, recovering a part of losses caused by the prior session's sell-off. The Dow Jones Industrial Average rose 75 points (+0.20%) to 38,661, the S&P 500 climbed 26 points (+0.51%) to 5,104, and the Nasdaq 100 was up 119 points (+0.67%) to 18,017.
Operating in multiple countries, EBC Group prioritises robust trading environment that listens to traders' voices and won the "Best-Rated Broker" Award