Why Newsmax Stock Fell by Nearly 21% in May
Newsmax (NYSE: NMAX), the media stock that rocketed higher in early April just after it landed on the stock exchange and then sank, continued to cool down the following month. Across May its share price tumbled by almost 21%, mostly because of an announcement the company made as the month was winding down.On the final Thursday in May, Newsmax divulged that the Securities and Exchange Commission (SEC) had granted approval for a potential mass sale of its Class B common stock by a group of shareholders. The company is effectively unlocking up to nearly 121.3 million of these shares, owned by quite a long list of both individual and institutional investors. Image source: Getty Images.Continue reading
Newsmax (NYSE: NMAX), the media stock that rocketed higher in early April just after it landed on the stock exchange and then sank, continued to cool down the following month. Across May its share price tumbled by almost 21%, mostly because of an announcement the company made as the month was winding down.
On the final Thursday in May, Newsmax divulged that the Securities and Exchange Commission (SEC) had granted approval for a potential mass sale of its Class B common stock by a group of shareholders. The company is effectively unlocking up to nearly 121.3 million of these shares, owned by quite a long list of both individual and institutional investors.
Image source: Getty Images.
