AREN

SEC source: 0001641172-25-021160 · ownership.xml · nonDerivative · entry 1

Edmondson Paul Taylor · CIK 0001754097 · Chief Executive Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 4,914

F1 · kind: Shares forfeited pursuant to tax withholding.

SEC source: 0001641172-25-013430 · ownership.xml · nonDerivative · entry 1

Randall Cavitt · CIK 0001830701 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 301,440

F1 · shares: Represents an award of restricted stock units granted to the reporting person on the transaction date. One-fourth of the award vests ratably on each of the next four quarterly anniversaries of the transaction date, subject to the reporting person's continued service to the Issuer on each applicable vesting date.

SEC source: 0001641172-25-013431 · ownership.xml · nonDerivative · entry 1

Allred Herbert Hunt · CIK 0001888141 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 77,471

F1 · shares: Represents an award of restricted stock units granted to the reporting person on the transaction date. One-fourth of the award vests ratably on each of the next four quarterly anniversaries of the transaction date, subject to the reporting person's continued service to the Issuer on each applicable vesting date.

SEC source: 0001641172-25-013429 · ownership.xml · nonDerivative · entry 1

Petersmarck Lynn Marie · CIK 0002069112 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 10,482

F1 · shares: Represents an award of restricted stock units granted to the reporting person on the transaction date. One-fourth of the award vests ratably on each of the next four quarterly anniversaries of the transaction date, subject to the reporting person's continued service to the Issuer on each applicable vesting date.

SEC source: 0001641172-25-009438 · ownership.xml · nonDerivative · entry 1

Edmondson Paul Taylor · CIK 0001754097 · Chief Executive Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 5,586

F1 · kind: Shares forfeited pursuant to tax withholding.

SEC source: 0001493152-25-009564 · ownership.xml · derivative · entry 1

Edmondson Paul Taylor · CIK 0001754097 · Chief Executive Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 400,000

Underlying: Common Stock · 400,000 shares

Expires 2035-03-03

F1 · derivative.exercise_date: The Options will vest on the four year anniversary of the grant date; provided, however, that the Options shall vest in full and become exercisable if the Company's stock price closes at or above $12.00 per share for thirty consecutive calendar days.

SEC source: 0001493152-25-006415 · ownership.xml · nonDerivative · entry 1

Randall Cavitt · CIK 0001830701 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 290,958

F1 · price: The shares of common stock were purchased directly from another director of the issuer in a privately negotiated transaction.

SEC source: 0001493152-25-006416 · ownership.xml · nonDerivative · entry 1

Lee Laura Anne · CIK 0001616901 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

F1 · price: The shares of common stock were sold directly to another director of the issuer in a privately negotiated transaction.

SEC source: 0001493152-25-004848 · ownership.xml · nonDerivative · entry 1

Randall Cavitt · CIK 0001830701 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 235,178

F1 · price: The shares of common stock were purchased directly from another director of the issuer in a privately negotiated transaction.

SEC source: 0001493152-25-004849 · ownership.xml · nonDerivative · entry 1

Petzel Christopher · CIK 0001889391 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

F1 · price: The shares of common stock were sold directly to another director of the issuer in a privately negotiated transaction.

SEC source: 0001493152-25-004668 · ownership.xml · nonDerivative · entry 1

Edmondson Paul Taylor · CIK 0001754097 · President, Platform

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 6,444

F1 · kind: Shares forfeited pursuant to tax withholding.

SEC source: 0001493152-25-003215 · ownership.xml · nonDerivative · entry 1

Randall Cavitt · CIK 0001830701 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 210,168

F1 · price: The shares of common stock were purchased directly from another director of the issuer in a privately negotiated transaction.

SEC source: 0001493152-25-003216 · ownership.xml · nonDerivative · entry 1

Petzel Christopher · CIK 0001889391 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 25,010

F1 · price: The shares of common stock were sold directly to another director of the issuer in a privately negotiated transaction.

SEC source: 0001493152-24-049276 · ownership.xml · nonDerivative · entry 1

Edmondson Paul Taylor · CIK 0001754097 · President, Platform

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 7,225

F1 · kind: Shares forfeited pursuant to tax withholding.

SEC source: 0001213900-25-006115 · ownership.xml · nonDerivative · entry 1

STROME MARK E · CIK 0000919484 · See Remarks

10b5-1 filing: No plan indicated

Ownership: Indirect · See Footnotes

Disclosed balance after: 890,620

F1 · shares: The reported securities were sold in multiple transactions at prices ranging from $1.32 to $1.80. The reported price reflects the weighted average price. The Reporting Person undertakes to provide to the staff of the Securities and Exchange Commission, the Issuer or a security holder of the Issuer, upon request, full information regarding the number of shares sold at each separate price for all transactions reported on this Form 5.

F1 · price: The reported securities were sold in multiple transactions at prices ranging from $1.32 to $1.80. The reported price reflects the weighted average price. The Reporting Person undertakes to provide to the staff of the Securities and Exchange Commission, the Issuer or a security holder of the Issuer, upon request, full information regarding the number of shares sold at each separate price for all transactions reported on this Form 5.

F2 · ownership.direct: The reported securities are directly owned by certain trust and private fund (the "Strome Investors") managed, directly or indirectly, by the Reporting Person. The Reporting Person disclaims beneficial ownership of the reported securities directly owned by the Strome Investors for purposes of Section 16 of the Securities Exchange Act of 1934 (the "Exchange Act"), except to the extent of his pecuniary interest therein.

F3 · ownership.direct: Pursuant to Rule 16a-1(a)(4) of the Exchange Act, this filing shall not be deemed an admission that the Reporting Person is, for purposes of Section 16 of the Exchange Act or otherwise, the beneficial owner of any equity securities reported herein.

F2 · ownership.nature: The reported securities are directly owned by certain trust and private fund (the "Strome Investors") managed, directly or indirectly, by the Reporting Person. The Reporting Person disclaims beneficial ownership of the reported securities directly owned by the Strome Investors for purposes of Section 16 of the Securities Exchange Act of 1934 (the "Exchange Act"), except to the extent of his pecuniary interest therein.

F3 · ownership.nature: Pursuant to Rule 16a-1(a)(4) of the Exchange Act, this filing shall not be deemed an admission that the Reporting Person is, for purposes of Section 16 of the Exchange Act or otherwise, the beneficial owner of any equity securities reported herein.

SEC source: 0001493152-24-034927 · ownership.xml · nonDerivative · entry 1

Randall Cavitt · CIK 0001830701 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 185,168

SEC source: 0001493152-24-034378 · ownership.xml · nonDerivative · entry 1

Randall Cavitt · CIK 0001830701 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 174,811

F1 · price: Private acquisition of shares using VWAP pricing

SEC source: 0001493152-24-034379 · ownership.xml · nonDerivative · entry 1

Silverstein Sara · CIK 0002021655 · Chief Executive Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 59,879

F1 · price: Private acquisition of shares using VWAP pricing

SEC source: 0001493152-24-034377 · ownership.xml · nonDerivative · entry 1

Edmondson Paul Taylor · CIK 0001754097 · President, Platform

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 8,334

F1 · price: Private sales of shares using VWAP pricing

SEC source: 0001493152-24-034008 · ownership.xml · nonDerivative · entry 1

Silverstein Sara · CIK 0002021655 · Chief Executive Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 17,805

F1 · price: Private acquisition of shares using VWAP pricing

SEC source: 0001493152-24-033868 · ownership.xml · nonDerivative · entry 1

Randall Cavitt · CIK 0001830701 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 132,737

F1 · price: Private acquisition of shares using VWAP pricing

SEC source: 0001493152-24-025594 · ownership.xml · nonDerivative · entry 1

Smith Douglas Baker · CIK 0001844076 · Chief Financial Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 86,569

F1 · kind: Shares forfeited pursuant to tax withholding.

SEC source: 0001493152-24-025593 · ownership.xml · nonDerivative · entry 1

Edmondson Paul Taylor · CIK 0001754097 · President, Platform

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 92,482

F1 · kind: Shares forfeited pursuant to tax withholding.

SEC source: 0001493152-24-022373 · ownership.xml · nonDerivative · entry 1

Randall Cavitt · CIK 0001830701 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 114,931

SEC source: 0001493152-24-021345 · ownership.xml · nonDerivative · entry 2

Randall Cavitt · CIK 0001830701 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 56,383

SEC source: 0001493152-24-021345 · ownership.xml · nonDerivative · entry 1

Randall Cavitt · CIK 0001830701 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 56,374

SEC source: 0001493152-24-008187 · ownership.xml · nonDerivative · entry 1

Smith Douglas Baker · CIK 0001844076 · CHIEF FINANCIAL OFFICER

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 90,611

F1 · kind: Shares forfeited pursuant to tax withholding.

SEC source: 0001493152-24-008185 · ownership.xml · nonDerivative · entry 1

Edmondson Paul Taylor · CIK 0001754097 · President, Platform

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 97,046

F1 · kind: Shares forfeited pursuant to tax withholding.

SEC source: 0001493152-24-006981 · ownership.xml · nonDerivative · entry 1

Simplify Inventions, LLC · CIK 0001845071 · 10% owner

Bhargava Manoj · CIK 0001830700 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 16,067,791

F1 · balance_after: The shares of Arena Group Holdings, Inc. (the "Issuer") common stock ("Common Stock") are held by Simplify Inventions, LLC ("Simplify"). Manoj Bhargava is the sole manager, the control person and the Chief Executive Officer of Simplify and has sole voting and investment discretion with respect to the shares of Common Stock held by Simplify. Mr. Bhargava disclaims any beneficial ownership of the securities held by Simplify other than to the extent of any pecuniary interest he may have therein, directly or indirectly.

F2 · balance_after: Pursuant to Rule 16a-1(a)(4) under the Exchange Act, this filing shall not be deemed an admission that Simplify and Mr. Bhargava (together, the "Reporting Persons") are, for purposes of Section 16 of the Exchange Act or otherwise, the beneficial owners of any equity securities in excess of their respective pecuniary interests.

SEC source: 0001493152-24-008501 · ownership.xml · nonDerivative · entry 1

Randall Cavitt · CIK 0001830701 · Director · Chief Executive Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 50,728

F1 · shares: Represents an award of restricted stock units granted to the reporting person on the transaction date. One-twelfth of the award vests ratably on the last calendar day of each month of the 2024 calendar year, subject to the reporting person's continued service to the Issuer on each applicable vesting date.

SEC source: 0001493152-24-008505 · ownership.xml · nonDerivative · entry 1

Lee Laura Anne · CIK 0001616901 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 55,780

F1 · shares: Represents an award of restricted stock units granted to the reporting person on the transaction date. One-twelfth of the award vests ratably on the last calendar day of each month of the 2024 calendar year, subject to the reporting person's continued service to the Issuer on each applicable vesting date.

SEC source: 0001493152-24-008502 · ownership.xml · nonDerivative · entry 1

Fowler Christopher · CIK 0001830699 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 51,738

F1 · shares: Represents an award of restricted stock units granted to the reporting person on the transaction date. One-twelfth of the award vests ratably on the last calendar day of each month of the 2024 calendar year, subject to the reporting person's continued service to the Issuer on each applicable vesting date.

SEC source: 0001493152-24-008504 · ownership.xml · nonDerivative · entry 1

Allred Herbert Hunt · CIK 0001888141 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 66,989

F1 · shares: Represents an award of restricted stock units granted to the reporting person on the transaction date. One-twelfth of the award vests ratably on the last calendar day of each month of the 2024 calendar year, subject to the reporting person's continued service to the Issuer on each applicable vesting date.

SEC source: 0001493152-24-008503 · ownership.xml · nonDerivative · entry 1

Petzel Christopher · CIK 0001889391 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 50,010

F1 · shares: Represents an award of restricted stock units granted to the reporting person on the transaction date. One-twelfth of the award vests ratably on the last calendar day of each month of the 2024 calendar year, subject to the reporting person's continued service to the Issuer on each applicable vesting date.

SEC source: 0001493152-24-008500 · ownership.xml · nonDerivative · entry 1

Zola Carlo · CIK 0001870892 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 54,577

F1 · shares: Represents an award of restricted stock units granted to the reporting person on the transaction date. One-twelfth of the award vests ratably on the last calendar day of each month of the 2024 calendar year, subject to the reporting person's continued service to the Issuer on each applicable vesting date.

SEC source: 0001209191-23-057429 · doc4.xml · nonDerivative · entry 1

Sims Todd D. · CIK 0001685242 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 743

F1 · kind: Represents a sale of shares to Simplify Inventions, LLC as described under Item 8.01 of the Current Report on Form 8-K filed by the Issuer on December 5, 2023.

F2 · balance_after: The reported total includes 372 restricted stock units which were scheduled to vest on December 31, 2023, subject to continued service to the Issuer, but which are subject to forfeiture pursuant to the terms of the reporting person's previous restricted stock unit grant from the Issuer. As disclosed in the above-referenced Form 8-K, the reporting person resigned from the Issuer's Board of Directors effective December 1, 2023.

SEC source: 0001213900-23-092321 · ownership.xml · nonDerivative · entry 8

B. Riley Financial, Inc. · CIK 0001464790 · 10% owner

B. Riley Securities, Inc. · CIK 0001505748 · 10% owner

B. RILEY PRINCIPAL INVESTMENTS, LLC · CIK 0001776226 · 10% owner

BRF Investments, LLC · CIK 0001880803 · 10% owner

RILEY BRYANT R · CIK 0001207269 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · By Bryant R. Riley, as UTMA custodian for Eloise Riley

Disclosed balance after: 0

F1 · ownership.nature: 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.

F3 · ownership.nature: 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.

SEC source: 0001213900-23-092321 · ownership.xml · nonDerivative · entry 7

B. Riley Financial, Inc. · CIK 0001464790 · 10% owner

B. Riley Securities, Inc. · CIK 0001505748 · 10% owner

B. RILEY PRINCIPAL INVESTMENTS, LLC · CIK 0001776226 · 10% owner

BRF Investments, LLC · CIK 0001880803 · 10% owner

RILEY BRYANT R · CIK 0001207269 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · By Bryant R. Riley, as UTMA custodian for Susan Riley

Disclosed balance after: 0

F1 · ownership.nature: 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.

F3 · ownership.nature: 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.

SEC source: 0001213900-23-092321 · ownership.xml · nonDerivative · entry 6

B. Riley Financial, Inc. · CIK 0001464790 · 10% owner

B. Riley Securities, Inc. · CIK 0001505748 · 10% owner

B. RILEY PRINCIPAL INVESTMENTS, LLC · CIK 0001776226 · 10% owner

BRF Investments, LLC · CIK 0001880803 · 10% owner

RILEY BRYANT R · CIK 0001207269 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · By Bryant R. Riley, as UTMA custodian for Charlie Riley

Disclosed balance after: 0

F1 · ownership.nature: 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.

F3 · ownership.nature: 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.

SEC source: 0001213900-23-092321 · ownership.xml · nonDerivative · entry 5

B. Riley Financial, Inc. · CIK 0001464790 · 10% owner

B. Riley Securities, Inc. · CIK 0001505748 · 10% owner

B. RILEY PRINCIPAL INVESTMENTS, LLC · CIK 0001776226 · 10% owner

BRF Investments, LLC · CIK 0001880803 · 10% owner

RILEY BRYANT R · CIK 0001207269 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · By Bryant R. Riley, as UTMA custodian for Abigail Riley

Disclosed balance after: 0

F1 · ownership.nature: 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.

F3 · ownership.nature: 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.

SEC source: 0001213900-23-092321 · ownership.xml · nonDerivative · entry 4

B. Riley Financial, Inc. · CIK 0001464790 · 10% owner

B. Riley Securities, Inc. · CIK 0001505748 · 10% owner

B. RILEY PRINCIPAL INVESTMENTS, LLC · CIK 0001776226 · 10% owner

BRF Investments, LLC · CIK 0001880803 · 10% owner

RILEY BRYANT R · CIK 0001207269 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

F4 · ownership.direct: Represents shares held directly by Bryant R. Riley.

SEC source: 0001213900-23-092321 · ownership.xml · nonDerivative · entry 3

B. Riley Financial, Inc. · CIK 0001464790 · 10% owner

B. Riley Securities, Inc. · CIK 0001505748 · 10% owner

B. RILEY PRINCIPAL INVESTMENTS, LLC · CIK 0001776226 · 10% owner

BRF Investments, LLC · CIK 0001880803 · 10% owner

RILEY BRYANT R · CIK 0001207269 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · By B. Riley Principal Investments, LLC

Disclosed balance after: 0

F1 · ownership.nature: 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 · ownership.nature: 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 · ownership.nature: 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.

SEC source: 0001213900-23-092321 · ownership.xml · nonDerivative · entry 2

B. Riley Financial, Inc. · CIK 0001464790 · 10% owner

B. Riley Securities, Inc. · CIK 0001505748 · 10% owner

B. RILEY PRINCIPAL INVESTMENTS, LLC · CIK 0001776226 · 10% owner

BRF Investments, LLC · CIK 0001880803 · 10% owner

RILEY BRYANT R · CIK 0001207269 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · By B. Riley Securities, Inc.

Disclosed balance after: 0

F1 · ownership.nature: 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 · ownership.nature: 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 · ownership.nature: 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.

SEC source: 0001213900-23-092321 · ownership.xml · nonDerivative · entry 1

B. Riley Financial, Inc. · CIK 0001464790 · 10% owner

B. Riley Securities, Inc. · CIK 0001505748 · 10% owner

B. RILEY PRINCIPAL INVESTMENTS, LLC · CIK 0001776226 · 10% owner

BRF Investments, LLC · CIK 0001880803 · 10% owner

RILEY BRYANT R · CIK 0001207269 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · By BRF Investments, LLC

Disclosed balance after: 0

F1 · ownership.nature: 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 · ownership.nature: 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 · ownership.nature: 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.

SEC source: 0001493152-23-039547 · ownership.xml · derivative · entry 3

Kraft Andrew Q. · CIK 0001844380 · CHIEF OPERATING OFFICER

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 20,000

Underlying: Common Stock · 20,000 shares

Expires 2033-11-01

F3 · derivative.exercise_date: One third of the options vest on November 2, 2024, with the remainder vesting ratably in 24 monthly installments thereafter, subject to the reporting person's continued service to the Issuer on each vesting date.

SEC source: 0001493152-23-039547 · ownership.xml · nonDerivative · entry 2

Kraft Andrew Q. · CIK 0001844380 · CHIEF OPERATING OFFICER

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 132,546

F2 · balance_after: This total includes certain unvested shares subject to forfeiture if underlying vesting conditions are not met.

SEC source: 0001493152-23-039548 · ownership.xml · derivative · entry 2

Levinsohn Ross · CIK 0001389130 · Director · CHIEF EXECUTIVE OFFICER

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 37,500

Underlying: Common Stock · 37,500 shares

Expires 2033-11-01

F4 · derivative.exercise_date: One third of the options vest on November 2, 2024, with the remainder vesting ratably in 24 monthly installments thereafter, subject to the reporting person's continued service to the Issuer on each vesting date.

SEC source: 0001493152-23-039548 · ownership.xml · derivative · entry 1

Levinsohn Ross · CIK 0001389130 · Director · CHIEF EXECUTIVE OFFICER

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 37,500

Underlying: Common Stock · 37,500 shares

Expires not disclosed

F1 · derivative.exercise_price: Each RSU represents a contingent right to receive 1 share of the Issuer's common stock.

F2 · derivative.exercise_date: One third of the restricted stock units ("RSUs") will vest on November 2, 2024, with the remainder vesting ratably in 24 monthly installments thereafter, subject to the reporting person's continued service to the Issuer on each vesting date.

F3 · derivative.expiration_date: These restricted stock units do not expire; they either vest or are canceled prior to the vesting date.

SEC source: 0001493152-23-039546 · ownership.xml · derivative · entry 2

Barrett Henry Robertson · CIK 0001847318 · PRESIDENT, MEDIA

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 20,000

Underlying: Common Stock · 20,000 shares

Expires 2033-11-01

F2 · derivative.exercise_date: One third of the options vest on November 2, 2024, with the remainder vesting ratably in 24 monthly installments thereafter, subject to the reporting person's continued service to the Issuer on each vesting date.

SEC source: 0001493152-23-039546 · ownership.xml · nonDerivative · entry 1

Barrett Henry Robertson · CIK 0001847318 · PRESIDENT, MEDIA

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 145,302

F1 · balance_after: This total includes certain unvested shares subject to forfeiture if underlying vesting conditions are not met.