Newsmax Inc. announces the closing of its previously announced offering of Series B Preferred Stock. Newsmax says the offering exceeded its initial target of $150 million with the company closing last week on its maximum offering amount with gross proceeds of $225 million, before the deduction of placement agent fees and other offering expenses. More than 8,000 accredited investors participated in the private offering.
Now, is submitting IPO offering materials with the SEC and is seeking a public offering with a planned listing on the New York Stock Exchange under the symbol “NMAX” later this year. Newsmax CEO Christopher Ruddy states, “This achievement reflects the strong results Newsmax has demonstrated and testifies to the trust and support the company maintains with investors, viewers and friends. We’d also like to thank Digital Offering LLC, for their expertise, hard work and their positive commitment to supporting us throughout this process. We are excited to be one step closer to our upcoming IPO which will provide us a tremendous opportunity for growth. A public offering will allow tens of thousands of Americans to directly partner with us and join our news revolution. We look forward to delivering long-term value to all of our shareholders.”
