NAGA Announces Merger With Trading App Capex.com. Octavian Patrascu, the Founder of Capex, Is to Personally Inject USD 9 Million Into the Company via a Convertible Bond.
Summary
Octavian Patrascu, the Founder of Capex, is to personally inject USD 9 million into the company via a convertible bond, setting the stage for a strategic merger between Capex.com and NAGA. The company is led by Founder and CEO Octavian Patrascu, a former Key shareholder who was leading the growth of CFD broker markets.com (2010-2015) and brings invaluable experience from his tenure that culminated in markets.coms USD 550 million sale to Playtech. Overall, it is expected that the business combination will be able to save up to USD 10 million in annual operating expenses, such as regulatory overheads, headcount, technology and costs of goods sold (COGS). Octavian Patrascu, an experienced and prominent entrepreneur with an impressive track record in the Fintech and neo-brokerage industry, is set to become the new group CEO following this cash injection. Octavian Patrascu, the incoming Group CEO of the combined entities, commented, "I am truly excited about this union as in todays market, consolidation can help accelerate our roadmap, objectives and give us the dimension needed for true innovation.