Newsmax founder and CEO Chris Ruddy joined “The Chris Salcedo Show” on Tuesday to talk about the company’s initial public offering that was announced earlier in the week, calling it “a very positive step.”
“And people, I think, are excited. You know, we’ve had so many people, Chris, through the years that have called us, you’ve probably heard from your fans, people saying, ‘How can I own shares of Newsmax?’” Ruddy told Salcedo. “Now we have this opportunity to do it, and I think it’s going to be a very positive step. We’ll have thousands, if not hundreds of thousands of co-owners of Newsmax around the country.”
Ruddy explained the private stock offering that’s available ahead of the IPO, slated for later this year or early 2025.
“There’s sort of a, they call it a pre-IPO, or a preferred raise of shares, that people can buy early on in anticipation of — the government still has to approve the IPO; it’s not done, but we’re expecting that will happen,” Ruddy said. “People can buy an early round of shares with a dividend, a preferred share that pays 7%. That’s a fairly good rate, I think, these days.
“And, by investing, they will have early shares, and then when they go public, eventually can trade those shares,” he added. “We hope that Newsmax is going to see, just as the company has grown, that investors all across the country will see real value in Newsmax as a company.”
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