Newsmax Raises $150 Million in Pre-IPO Plan

Newsmax CEO Christopher Ruddy announced Monday that the company raised $153 million in a pre-IPO offering, exceeding the goal of $150 million.

With thousands of investors still in process of buying preferred shares, Newsmax has decided to extend the offering to $175 million – an increase of $25 million above target raise.

Newsmax expects to close on the remaining $22 million remaining very soon, meaning those who started the process online or through printed documents should take the time to complete them.

"The amount of interest is nothing that we've ever seen," Mark Elenowitz, managing director of Digital Offering bank, said. "We are urging everyone who wants to invest and are eligible to do so now during the extension period," Elenowitz added.