Is it simply that Naos is building a stake with an eye to...

Is it simply that Naos is building a stake with an eye to gaining control of CGA rather than as a passive investment?

I would have thought that Naos would be precluded from buying into CGA for that purpose by whatever mandates attach to the money Naos has from their investors.

In any case buying CGA from any motive doesn't seem to make much sense because it looks like the longer Naos waits, the cheaper CGA will become.

But maybe FOMO or opportunity is driving Naos to build some sort of stake now.
Would there be anyone else interested in gaining control of CGA?

Would the management agreements between CGA and the likes of CTN preclude Naos from inheriting management of CTN's funds if Naos gained control of CGA?

It is all very puzzling.