Newsmax, IPO and NMAX
Digest more
Top News
Impacts
Fast Company |
Shares of Newsmax continued to rise on Tuesday following a massive public debut on Monday, in which shares shot up more than 700% for the best-performing first day since 2022.
Seattle Times |
Shares offered at $10 closed at $233 a share Tuesday afternoon, giving the company a market valuation of over $20 billion.
Read more on News Digest
We recently published a list of Jim Cramer’s Take on These 10 Stocks. In this article, we are going to take a look at where Newsmax (NYSE:NMAX) stands against other stocks that Jim Cramer discusses. On Wednesday,
Newsmax's stock took flight immediately following its IPO, soaring as much as 2,230% by Tuesday. Yesterday, however, shares of Newsmax plummeted 77%.
Because its business is consuming cash, Newsmax had to raise capital from investors. While awaiting its IPO, it launched a private offering to sell up to $225 million of convertible preferred stock. The IPO raised another $75 million in cash to help fund Newsmax's operations and growth.
3don MSN
As of midday Monday, Newsmax stock was up by 532%, and shares were trading at a whopping $63.20 apiece. The spike has been so intense that trading was halted for volatility five times in the first 30 minutes after market opening, Bloomberg reports.
1don MSN
Priced at $10 per share, the cable TV company closed its first day of open-market trading at $83.51 and its second at $233, after rising as high as $265. That left the stock NMAX up 2,230% in its first two days of trade on the New York Stock Exchange.
Explore more
Conservative-focused news network Newsmax ( NYSE: NMAX) opened for trading on its first day as a public stock at $14, above its $10 initial public offering price, and rose from there to a 66% gain before a volatility halt just before 11 a.m. ET.
The two-day 2,200% run-up in the stock of conservative news outlet Newsmax (NMAX) looks like it’s over. After soaring 735% on its first day of trading following its IPO on Monday, NMAX stock added another 183% yesterday. Shares that were offered at $10 a stub closed at $233 Tuesday.
Newsmax (NMAX) shares bounced Thursday, turning positive after first extending their retreat from post-IPO highs. The self-described conservative media company went public Monday, kicking off a whirlwind week of trading.