B. Riley Financial, Inc. - Mar 31, 2023 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: Mar 31, 2023
Transactions value $: $3,915,001
Form type: 4
Date filed: 3/31/2023, 09:19 AM
Previous filing: Dec 13, 2022
Next filing: Apr 6, 2023

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	$3.12M	+805K	+69.48%	$3.88	1.96M	Mar 31, 2023	By B. Riley Securities, Inc.	F1, F2, F3
transaction	AREN	Common Stock, par value $0.01 per share	Purchase	$660K	+170K	+14.07%	$3.88	1.38M	Mar 31, 2023	Direct	F4
transaction	AREN	Common Stock, par value $0.01 per share	Purchase	$40K	+10.3K	+66.51%	$3.88	25.8K	Mar 31, 2023	By Bryant R. Riley, as UTMA custodian for Charlie Riley	F1, F3
transaction	AREN	Common Stock, par value $0.01 per share	Purchase	$30K	+7.73K	+49.88%	$3.88	23.2K	Mar 31, 2023	By Bryant R. Riley, as UTMA custodian for Eloise Riley	F1, F3
transaction	AREN	Common Stock, par value $0.01 per share	Purchase	$30K	+7.73K	+49.88%	$3.88	23.2K	Mar 31, 2023	By Bryant R. Riley, as UTMA custodian for Susan Riley	F1, F3
transaction	AREN	Common Stock, par value $0.01 per share	Purchase	$30K	+7.73K	+49.88%	$3.88	23.2K	Mar 31, 2023	By Bryant R. Riley, as UTMA custodian for Abigail Riley	F1, F3
holding	AREN	Common Stock, par value $0.01 per share						3.43M	Mar 31, 2023	By BRF Investments, LLC	F1, F2, F3
holding	AREN	Common Stock, par value $0.01 per share						14.2K	Mar 31, 2023	By B. Riley Principal 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	Mar 31, 2023	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	Mar 31, 2023	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).