Mark Elenowitz, managing director for Digital Offering LLC, told Newsmax on Friday that "Newsmax is doing something that's never been done before."
Newsmax has already filed with the Securities and Exchange Commission and is seeking a public offering with an expected listing on the New York Stock Exchange under the symbol "NMAX." The company has also engaged in a private offering of preferred shares, as well as the anticipated public offering, with investment bank Digital Offering LLC.
"We've had really good success. We're at $125 million. We're now at $135 million subscribed from a $150 million offering, so we only have about $15 million. And we're coming up to end of the offering period," Elenowitz said during an appearance on "Finnerty."
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"If you're interested, we encourage all investors to go to Invest.Newsmax.com. There you can find everything about the offering and how this works with what we're anticipating will happen here in Q1, which is a public listing on the New York Stock Exchange.
"We'll probably be closing in the next couple weeks. We're giving everyone a chance to be able to get their documents in. We can get up to $150 million but do have the ability to oversubscribe, so we're going to give everyone that opportunity."
Elenowitz noted that there are three ways to participate: direct online via credit card, email, or have the information mailed directly to a potential investors.
"The benefit of buying shares now is you get a 25% discount for the public offering," he said, clarifying the difference between the private placement and public offering. "The public offering is available to anyone over the age of 18. The private placement is limited to an accredited investor.
"You need to have a $200,000 income and $1 million net worth. You get a 7% dividend that converts at the time of IPO into additional shares."
Elenowitz emphasized the unique opportunity.
"Newsmax is doing something that's never been done before. This is a crowd-financed public offering. It's designed for the everyday American — you as the viewer, you as the Newsmax supporter get a chance to be a part of Newsmax and its growth. This is Main Street meets Wall Street," Elenowitz concluded.
Newsmax has already become one of the nation's leading news networks. In June, the Reuters Institute identified the company as one of the top 12 U.S. news brands.
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