Florida-based cable TV discloses confidential filing for initial public offering as early as this year
Newsmax Inc. said Thursday it plans to launch an initial public offering later this year or early in 2025 following to raise about $75 million, after a private placement for accredited investors.
The Boca Raton, Fla.-based company, which ranks as the fourth highest-rated cable news channel, said it confidentially filed an offering statement with the Securities and Exchange Commission. The company is led by founder and Chief Executive Christopher Ruddy.
Newsmax said it plans to trade on the New York Stock Exchange under the ticker symbol NMAX.
All told, Newsmax said it now reached more than 40 million U.S. residents and it generates a "loyal and growing following."
Newsmax also seeks to raise up to $225 million in an offering of Series B 7% convertible preferred stock available to accredited investors with a minimum investment of $5,000.
The shares would then convert to common shares in its initial public offering, the company said.
Newsmax said Digital Offering LLC is placement agent for its convertible stock offering as well as its IPO.
The move comes after Trump Media & Technology Group Corp. (DJT) debuted as a public company in March through a merger with a special purpose acquisition company, Digital World Acquisition Corp.
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