NAGA and CAPEX.com Merger Approved by Shareholders

NAGA Group, a social trading focused fintech company, announced that its merger with CAPEX.com, the global multi-asset brokerage, has been approved by the Extraordinary General Meeting of the Shareholders, which was held on April 12th, with a vote of 99.81%.

At the end of 2023, both companies have entered a merger agreement, which was sheduled to close in Q2 2024. Fazzaco has conducted an in-depth analysis in the article "Why Is the Capex.com and NAGA Merger A Game-Changer?​" to uncover the reasons behind this merger. 

During the EGM, the newly appointed CEO of NAGA Group, Octavian Patrascu noted that, following the merger, the "New NAGA", which boasts 9 regulatory licenses (with 2 additional in the process of approval) and 12 offices worldwide, will focus on market expansion and product enhancements. Octavian was the Founder and CEO of CAPEX.com.

"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," said Octavian. "Securing this vote will allow us, after the regulatory approvals for the merger, to execute the new business plan."

He is positioned to become NAGA's majority shareholder, with a personal financial investment of USD 9 million via a convertible bond in the deal.

The joint company, according to Octavian, will conduct major upgrades to the NAGA app, including improving the community-based ecosystem, AI integrations, to enahnce user experience. Besides, all existing NAGA services will be unified into a single, integrated platform, the NAGA SuperApp.

Last week, Fazzaco reported that NAGA has hired former Tickmill compliance leader Loukia Matsia​ as Head of Compliance and AML.