B. Riley Financial, Inc. - May 16, 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
May 16, 2023
Transactions value $
$178,500
Form type
4
Date filed
5/17/2023, 10:56 AM
Previous filing
May 16, 2023
Next filing
May 19, 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 $179 K +50 K +3.55% $3.57 1.46 M May 16, 2023 Direct F4, F6
holding AREN Common Stock, par value $0.01 per share 25.8 K May 16, 2023 By Bryant R. Riley, as UTMA custodian for Charlie Riley F1, F3
holding AREN Common Stock, par value $0.01 per share 23.2 K May 16, 2023 By Bryant R. Riley, as UTMA custodian for Eloise Riley F1, F3
holding AREN Common Stock, par value $0.01 per share 23.2 K May 16, 2023 By Bryant R. Riley, as UTMA custodian for Susan Riley F1, F3
holding AREN Common Stock, par value $0.01 per share 23.2 K May 16, 2023 By Bryant R. Riley, as UTMA custodian for Abigail Riley F1, F3
holding AREN Common Stock, par value $0.01 per share 1.96 M May 16, 2023 By B. Riley Securities, Inc. F1, F2, F3
holding AREN Common Stock, par value $0.01 per share 3.43 M May 16, 2023 By BRF Investments, LLC F1, F2, F3
holding AREN Common Stock, par value $0.01 per share 14.2 K May 16, 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 May 16, 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 May 16, 2023 Common Stock, par value $0.01 per share $0.33 By BRF Investments, LLC F1, F2, F3, F5

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).
F6 The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $3.38 to $3.70, inclusive. The Filing Persons reporting person undertakes to provide to the Commission, upon request, full information regarding the number of shares purchased at each separate price.