 began trading on the New York Stock Exchange today, marking a historic milestone for the conservative-leaning media company.){kind=link}
Newsmax Inc. (NYSE: NMAX) began trading on the New York Stock Exchange today, marking a historic milestone for the conservative-leaning media company.
The listing follows a $75 million initial public offering under Regulation A+, which closed on March 28, and a $225 million private Preferred Stock offering in February.
Key Details of the Listing
IPO Structure:
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Offering Size: Sold 7.5 million Class B Common Stock shares at $10 per share, raising the maximum allowed under Regulation A+.
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Dual-Class Shares: Publicly traded Class B shares carry 1 vote per share, while CEO Christopher Ruddy and affiliates retain control via 10-vote Class A shares.
Financial Context:
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Total Capital Raised: Combined $300 million from public and private offerings, positioning the company for programming expansion and digital growth, including partnerships like YouTube TV.
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Market Position: Nielsen ranks Newsmax as the fourth-highest-rated U.S. cable news channel, behind CNN.
Leadership Perspective
CEO Christopher Ruddy hailed the IPO as a “historic milestone,” emphasizing its role in accelerating growth initiatives. “This capital provides us with the financial freedom to enhance our digital presence and expand our reach,” he stated.
The NYSE debut caps Newsmax’s evolution from a digital news outlet founded in 1998 to a major cable player since its 2014 TV launch. The Reuters Institute recognizes it among the top 12 U.S. news brands.
Trading Update:
Class B shares opened at $14, reflecting strong investor interest despite the company’s reported $55.5 million net loss and negative equity of $200.7 million in filings.
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