Why Shares of Newsmax Are Rising Today
Shares of conservative media outlet Newsmax (NYSE: NMAX) traded nearly 8% higher today as of 12:23 p.m. ET today. This morning, the company announced a standby equity purchase agreement (SEPA) of $1.2 billion with the global investment management firm Yorkville Advisors.
Newsmax went public in a small initial public offering of $75 million, with shares initially priced at $10. The stock immediately shot up an incredible 2,230% before losing some of that steam. Even still, shares were up nearly fivefold, as of this writing. Many believe the ascent can be attributed to the small number of shares issued and the company's frequent support of President Donald Trump.
Source Fool.com
