In 2024, Newsmax announced it was taking on investors in preparation for taking the company public. After high interest from private investors, the network has now increased its initial targets.
Newsmax founder Chris Ruddy revealed the outlet has received more than $150 million in the first round of private investments since announcing the opportunity in June, exceeding targets by $3 million over the holiday season.
That increased interest has helped the company increase its preferred offering to $175 million in an effort to raise more capital.
Digital Offering Bank is managing the private and public round of funding for the cable network. It’s Managing Director — Mark Elenowitz — claimed the interest from investors has been unique.
“The amount of interest is nothing that we’ve ever seen. We are urging everyone who wants to invest and are eligible to do so now during the extension period,” he remarked.
After initially stating it would investigate options on both the New York Stock Exchange and Nasdaq, Newsmax has decided to place its IPO with the NYSE in the first or second quarter, pending SEC approval. It will trade under the NMAX symbol.
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