Newsmax, a conservative-leaning news startup, plans to go public on March 31, 2025. Shares are expected to trade on the NYSE under the ticker symbol NMAX.
NewsMax recently completed a Reg D offering, reportedly raising $225 million from Accredited Investors. The company now says it is ready to offer securities under Reg A, which allows non-accredited investors to participate in the offering.
Mark Elenowitz, Managing Director of Digital Offering, the firm enabling the offering, said they had not seen the level of interest in any prior Reg A offering they had pursued.
Christopher Ruddy, CEO of Newsmax, said, “Our success with our Preferred raise shows the enormous support Newsmax has as we made thousands of Americans part owners in Newsmax.”
The Reg D offering commenced in June 2024, and selling Class A common shares generated net proceeds of over $206 million.
Under Reg A, an issuer may raise a maximum of $75 million—Newsmax’s stated goal. Newsmax intends to issue Class B Common stock at $10 a share at a pre-money valuation of $1.2 billion.
Assuming Newsmax sells the maximum offering amount of Class B common stock in the offering the total outstanding Class A common stock will represent approximately 30.6% of the total outstanding shares of the Company and 81.4% of the total voting power of all common stock issued and outstanding.
For the six months ending June 2024, Newsmax generated almost $80 million in revenue, losing approximately $55 million in net income.
Newsmax shares that Nielsen reported in 2024 that the company was up double-digits across all dayparts: 23% among all audiences in Total Day, compared to 2023; up 15% in daytime; 37% in access; 26% in prime and 43% on weekends.
The current Offering Circulate is viewable here.
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