Newsmax Announces Initial Public Offering
Newsmax Inc announces the launch of its initial public offering, inviting investors nationwide to become shareholders in its television and digital media platforms. Last week the company’s Offering Statement was qualified by the Securities and Exchange Commission. Newsmax is looking to raise up to $75 million
with a planned March 31, 2025 listing on the New York Stock Exchange under the ticker symbol NMAX, subject to NYSE approval. This IPO comes shortly after it completed a private Preferred Offering in February raising $225 million. Newsmax CEO Christopher Ruddy says, “Our success with our Preferred raise shows the enormous support our company has as we made thousands of Americans part owners in Newsmax. Now, the initial public offering opens the door for tens of thousands more to join our news revolution and be a part of the first ever company to complete a crowd financed offering on to the main board of the NYSE.”
is launching a private placement offering seeking to raise up to $225 million.” Newsmax CEO Christopher Ruddy adds, “While achieving significant success, Newsmax has stayed true to our mission of providing Americans with honest and real news. Now more than ever, especially in this election year of 2024, America needs Newsmax and you can join with us as an investor.” The current private offering currently consists of shares of the Company’s Series B 7% Convertible Preferred Stock for a maximum Offering amount of up to $225 million.
follows last week’s repurchase of 1.5 million shares from MSG at $9.76 per share, the June 2023 repurchase of 1.5 million shares from MSG at $9.70 per share, and the March 2021 repurchase of 12.6 million shares and warrants from Oaktree Capital Management, L.P. at $6.40 per share. Like last week’s 1.5 million share repurchase from MSG, the purchase price of $10.8 million will be funded entirely with cash on hand. Townsquare CEO Bill Wilson comments, “We are very pleased to share that we were able to buy the IPO options at a net purchase price of $3.62 per option, eliminating the overhang and the shareholder dilution that would have occurred had these in-the-money options been exercised in the open market before they expired this July. The members of management and the board that were involved in this transaction have been with Townsquare for over a decade, demonstrating that our longterm incentive plan was, and continues to be, effective in retaining top talent. In total, our management team owns approximately 11% of shares outstanding today and are well aligned with the company’s investors to build shareholder value.”