The stock was halted a dozen times for volatility trading pauses after
it began trading in midmorning. After a relatively uninterrupted
afternoon, the stock was halted a final time with just 14 minutes left
in Monday trading.
Conservative-focused news network Newsmax (NYSE:NMAX)
opened for trading on its first day as a public stock at $14, above its
$10 initial public offering price, and closed a day of volatile trading
up 722.5%, to $82.25.
For volume, 6,171,017 shares traded hands Monday.
Newsmax (NYSE:NMAX) had raised $75M in its IPO selling 7.5M Class B shares. Investors were required to commit to a minimum investment of $500, or 50 shares.
The company has set up a dual-class share structure, with Class A and Class B shares, and CEO Chris Ruddy retains more than 81% voting power after the offering.
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