B. Riley Financial, Inc. - Feb 16, 2022 Form 4 Insider Report for Arena Group Holdings, Inc. (AREN)

Role: 10%+ Owner
Signature: B. Riley Financial, Inc., by: /s/ Bryant R. Riley, Co-Chief Executive Officer
Stock symbol: AREN
Transactions as of: Feb 16, 2022
Transactions value $: $611,828
Form type: 4
Date filed: 2/18/2022, 02:53 PM
Previous filing: Feb 16, 2022
Next filing: Feb 23, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	AREN	Common Stock, par value $0.01 per share	Purchase	$28.1K	+3.41K	+0.36%	$8.25	963K	Feb 16, 2022	Direct	F4
transaction	AREN	Common Stock, par value $0.01 per share	Purchase	$24.8K	+3K	+24%	$8.25	15.5K	Feb 16, 2022	By Bryant R. Riley, as UTMA custodian for Charlie Riley	F1, F3
transaction	AREN	Common Stock, par value $0.01 per share	Purchase	$24.8K	+3K	+24%	$8.25	15.5K	Feb 16, 2022	By Bryant R. Riley, as UTMA custodian for Eloise Riley	F1, F3
transaction	AREN	Common Stock, par value $0.01 per share	Purchase	$24.8K	+3K	+24%	$8.25	15.5K	Feb 16, 2022	By Bryant R. Riley, as UTMA custodian for Susan Riley	F1, F3
transaction	AREN	Common Stock, par value $0.01 per share	Purchase	$24.8K	+3K	+24%	$8.25	15.5K	Feb 16, 2022	By Bryant R. Riley, as UTMA custodian for Abigail Riley	F1, F3
transaction	AREN	Common Stock, par value $0.01 per share	Purchase	$485K	+58.8K	+6.1%	$8.25	1.02M	Feb 17, 2022	Direct	F4
holding	AREN	Common Stock, par value $0.01 per share						968K	Feb 16, 2022	By B. Riley Securities, Inc.	F1, F2, F3
holding	AREN	Common Stock, par value $0.01 per share						3.43M	Feb 16, 2022	By BRF Investments, LLC	F1, F2, F3

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
holding	AREN	Series H Preferred Stock, par value $0.01 per share						110	Feb 16, 2022	Common Stock, par value $0.01 per share		$0.33	By B. Riley Principal Investments, LLC	F1, F2, F3, F5
holding	AREN	Series H Preferred Stock, par value $0.01 per share						865	Feb 16, 2022	Common Stock, par value $0.01 per share		$0.33	By BRF Investments, LLC	F1, F2, F3, F5

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	This Form 4 is filed jointly by B. Riley Financial, Inc., a Delaware corporation ("BRF"), B. Riley Securities, Inc., a Delaware corporation ("BRS"), B. Riley Principal Investments, LLC, a Delaware limited liability company ("BRPI"), BRF Investments, LLC, a Delaware corporation ("BRFI"), and Bryant R. Riley.
F2	BRF is the parent company of BRS, BRPI and BRFI. As a result, BRF may be deemed to indirectly beneficially own the securities of The Arena Group Holdings, Inc. (the "Issuer") held of record by BRS, BRPI and BRFI. BRF expressly disclaims beneficial ownership of the securities of the Issuer reported herein held indirectly except to the extent of such Reporting Person's pecuniary interest therein.
F3	Bryant R. Riley, as Chief Executive Officer of BRCM and Chairman and Co-Chief Executive Officer of BRF, has voting power and dispositive power over the securities of the Issuer held of record by BRS, BRPI and BRFI. As a result, Bryant R. Riley may be deemed to indirectly beneficially own the securities of the Issuer held of record by BRS, BRPI and BRFI. Bryant R. Riley expressly disclaims beneficial ownership of the securities of the Issuer reported herein held indirectly except to the extent of his pecuniary interest therein.
F4	Represents shares held directly by Bryant R. Riley.
F5	Subject to the conversion limitation described in the next sentence, the reported security is convertible into common stock of the Issuer at any time, and has no expiration date, but is subject to mandatory conversion on the fifth anniversary of the issuance date. The reported security is subject to a conversion limitation that prohibits the Issuer from effecting a conversion of the reported security into common stock if giving effect to the conversion would cause the holder to beneficially own (together with its affiliates or any "group" members) in excess of 4.99% of the common stock (or, upon notice by the holder, in excess of 9.99% of the common stock).