NAGA Cross-Lists Shares in the US as Sales Jumped 90%June 21, 2021
Naga Group (XETRA: N4G) announced on Monday that it will cross-list its publicly traded shares in a United States trading venue. The German company elaborated that the listing will be done on the OTCQX Venture Market, enabling North American investors to easily trade the broker’s shares.
The Hamburg-based broker further clarified that despite the cross-listing, the company will not issue any new shares, and the move will not affect the existing shareholders. Furthermore, the company does not have any SEC reporting obligations.
NAGA CEO, Benjamin Bilski said: “We are truly excited to see The NAGA Group AG on the US Markets enhancing our visibility in North America. We expect increased liquidity and new investors participating to trade NAGA shares.”
The cross-listing came at a time when the demand for NAGA’s shares is soaring among European traders. The share prices of the company also moved up by almost 7 percent in Tuesday’s trading session.
The demand for NAGA among investors is mainly fueled by the company’s performance over the past several months when the trading demand on the platform skyrocketed. NAGA also announced that its sales figures for the first five months of 2021 came in at 20 million euros, more than 90 percent higher than the same period in the previous year.
Trading volume for May again touched another record of 24 billion euros, gaining 167 percent year-over-year, while the total trading demand in 2021 crossed 100 million euros. The client base of the platform also broadened as it opened over 155,000 new accounts in 2021 until May, compared to around 122,000 accounts in the entire 2021.
Meanwhile, the German company is also expanding its services and is launching payment platforms in Europe and the UK, which is expected to go live in the third quarter of 2021.
“It is exciting to see that compared to the same period in 2019, where revenue stood at EUR 0.9 million, we are now able to report a growth in revenue by more man twenty times,” Bilski added. “We will remain focused on growing our brand authority further and increase user base.”
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