Cable news channel Newsmax extends gains after robust debut

Newsmax

01/04/2025 14:58

Updates

** Conservative cable news channel Newsmax's NMAX.N shares jump as much as 77.1% to $147.9 in early trading

** Stock last up 60.2% at $133.77, valuing the company at $17.2 billion

** NMAX closed with more than eightfold gains at $83.51 on Monday in its eye-popping NYSE debut

     ** The Florida-based company is a top trending ticker on investor-focused social media stocktwits.com

** NMAX raised $75 million at $10 apiece in its "mini IPO", a scaled-down version of a traditional IPO

** Company reported a net loss of $72.2 million and revenue of $171 million in 2024, compared with a net loss of $41.8 million and $135.3 million revenue in 2023, according to SEC filing

** CEO Christopher Ruddy holds ~81.5% of voting stock of NMAX, as of March 28

** NMAX, which entered the cable news market in 2014, reaches more than 40 million Americans each month

(Reporting by Arasu Kannagi Basil and Medha Singh in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com;))