Ten years after its launch on cable, conservative news channel Newsmax has set its sights on the stock market.
Newsmax has confidentially filed for an IPO with the Securities and Exchange Commission, the corporate announced this weekThe company hopes to lift $75 million and plans to list its stock on the New York Stock Exchange under the symbol NMAX.
Newsmax was founded in 1998 by Christopher Ruddy as an online-only brand. It made its television debut in 2014. It can also be streamed on YouTube.
Before the IPO, Newsmax is launching a non-public placement offering because it hopes to lift no less than $150 million (and as much as $225 million) through the offering of convertible preferred stock. Potential investors must make a minimum investment of $5,000.
Newsmax says it reaches 40 million people a month across its television, streaming and other platforms.
Newsmax is planning an IPO while other conservative-leaning corporations are removed from their highs. Trump Media & Technology Group was trading at $17.21 early Friday, near its 52-week low. The company is within the red for the yr, down greater than 1.5 percent from Dec. 31. And shares of Rumblethe choice to YouTube popular with conservatives, have fallen by almost 20% within the last six months (but are still up 24% year-to-date).
Confidential disclosure shouldn’t be an unusual step. Companies often use this method to maintain sensitive information, similar to financial data and executive salaries, secret for so long as possible.
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