Mentioned:
One of the biggest brands in North American cable television has officially hit Wall Street. And it’s off to an explosive start.
What’s happening:
- Newsmax (NYSE: NMAX) has officially begun trading on the New York Stock Exchange following a successful $75M USD IPO financing
Why it matters:
- Newsmax has quickly emerged as one of the most popular media networks in cable television in North America, building an enormous following and viewership focused on Republican politics
Going deeper:
- Newsmax raised their IPO financing through the Regulation A exemption, which allowed for individual investors and non accredited investors to directly participate in the funding round
- Prior to their IPO financing, Newsmax previously raised $225M USD through a private funding round
Market reaction:
- Shares of Newsmax were up more than +700% in its first day of trading
