AREN

SEC source: 0001493152-23-039539 · ownership.xml · derivative · entry 2

Smith Douglas Baker · CIK 0001844076 · CHIEF FINANCIAL OFFICER

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 10,000

Underlying: Common Stock · 10,000 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: 0001493152-23-039539 · ownership.xml · nonDerivative · entry 1

Smith Douglas Baker · CIK 0001844076 · CHIEF FINANCIAL OFFICER

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 115,606

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

SEC source: 0001493152-23-028582 · ownership.xml · derivative · entry 2

Levinsohn Ross · CIK 0001389130 · Director · CHIEF EXECUTIVE OFFICER

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 27,600 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · security: The reported transaction represents the mandatory conversion of the Issuer's outstanding shares of Series H Convertible Preferred Stock, which converted to Common Stock on August 10, 2023, pursuant to the Certificate of Designation of Preferences, Rights and Limitations of Series H Convertible Preferred Stock (the "Certificate of Designation") filed by the Issuer on or about August 8, 2018 with the Secretary of State of the State of Delaware. Pursuant to the Certificate of Designation, the conversion occurred automatically on the fifth anniversary of August 10, 2018, through no action on the part of the reporting person, and each share of Series H Convertible Preferred Stock converted into 138 shares of the Issuer's Common Stock.

F1 · derivative.exercise_date: The reported transaction represents the mandatory conversion of the Issuer's outstanding shares of Series H Convertible Preferred Stock, which converted to Common Stock on August 10, 2023, pursuant to the Certificate of Designation of Preferences, Rights and Limitations of Series H Convertible Preferred Stock (the "Certificate of Designation") filed by the Issuer on or about August 8, 2018 with the Secretary of State of the State of Delaware. Pursuant to the Certificate of Designation, the conversion occurred automatically on the fifth anniversary of August 10, 2018, through no action on the part of the reporting person, and each share of Series H Convertible Preferred Stock converted into 138 shares of the Issuer's Common Stock.

F1 · derivative.expiration_date: The reported transaction represents the mandatory conversion of the Issuer's outstanding shares of Series H Convertible Preferred Stock, which converted to Common Stock on August 10, 2023, pursuant to the Certificate of Designation of Preferences, Rights and Limitations of Series H Convertible Preferred Stock (the "Certificate of Designation") filed by the Issuer on or about August 8, 2018 with the Secretary of State of the State of Delaware. Pursuant to the Certificate of Designation, the conversion occurred automatically on the fifth anniversary of August 10, 2018, through no action on the part of the reporting person, and each share of Series H Convertible Preferred Stock converted into 138 shares of the Issuer's Common Stock.

SEC source: 0001493152-23-028582 · ownership.xml · nonDerivative · entry 1

Levinsohn Ross · CIK 0001389130 · Director · CHIEF EXECUTIVE OFFICER

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 289,314

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

SEC source: 0001213900-23-070042 · ownership.xml · derivative · entry 10

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

Underlying: Common Stock, par value $0.01 per share · 119,370 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F6 · date: Pursuant to the Issuer's Amended and Restated Certificate of Incorporation and to the Securities Purchase Agreement, entered into by the Issuer and each Holder on or about August 8, 2018, the Reporting Person's shares of Series H Preferred Stock were converted into shares of the Issuer's Common Stock on August 10, 2023. The number of shares of Common Stock that the Reporting Person received as a result of this mandatory conversation process reflected the reverse stock split of the Issuer's Common Stock effected by the Issuer in 2022 (i.e., 22 shares of Common Stock converts into 1 share of Common Stock).

F6 · price: Pursuant to the Issuer's Amended and Restated Certificate of Incorporation and to the Securities Purchase Agreement, entered into by the Issuer and each Holder on or about August 8, 2018, the Reporting Person's shares of Series H Preferred Stock were converted into shares of the Issuer's Common Stock on August 10, 2023. The number of shares of Common Stock that the Reporting Person received as a result of this mandatory conversation process reflected the reverse stock split of the Issuer's Common Stock effected by the Issuer in 2022 (i.e., 22 shares of Common Stock converts into 1 share of Common Stock).

F5 · derivative.expiration_date: 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).

F5 · derivative.underlying_shares: 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 · derivative.underlying_shares: Pursuant to the Issuer's Amended and Restated Certificate of Incorporation and to the Securities Purchase Agreement, entered into by the Issuer and each Holder on or about August 8, 2018, the Reporting Person's shares of Series H Preferred Stock were converted into shares of the Issuer's Common Stock on August 10, 2023. The number of shares of Common Stock that the Reporting Person received as a result of this mandatory conversation process reflected the reverse stock split of the Issuer's Common Stock effected by the Issuer in 2022 (i.e., 22 shares of Common Stock converts into 1 share of Common Stock).

F6 · balance_after: Pursuant to the Issuer's Amended and Restated Certificate of Incorporation and to the Securities Purchase Agreement, entered into by the Issuer and each Holder on or about August 8, 2018, the Reporting Person's shares of Series H Preferred Stock were converted into shares of the Issuer's Common Stock on August 10, 2023. The number of shares of Common Stock that the Reporting Person received as a result of this mandatory conversation process reflected the reverse stock split of the Issuer's Common Stock effected by the Issuer in 2022 (i.e., 22 shares of Common Stock converts into 1 share of Common Stock).

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: 0001213900-23-070042 · ownership.xml · derivative · entry 9

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

Underlying: Common Stock, par value $0.01 per share · 15,180 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F6 · date: Pursuant to the Issuer's Amended and Restated Certificate of Incorporation and to the Securities Purchase Agreement, entered into by the Issuer and each Holder on or about August 8, 2018, the Reporting Person's shares of Series H Preferred Stock were converted into shares of the Issuer's Common Stock on August 10, 2023. The number of shares of Common Stock that the Reporting Person received as a result of this mandatory conversation process reflected the reverse stock split of the Issuer's Common Stock effected by the Issuer in 2022 (i.e., 22 shares of Common Stock converts into 1 share of Common Stock).

F6 · price: Pursuant to the Issuer's Amended and Restated Certificate of Incorporation and to the Securities Purchase Agreement, entered into by the Issuer and each Holder on or about August 8, 2018, the Reporting Person's shares of Series H Preferred Stock were converted into shares of the Issuer's Common Stock on August 10, 2023. The number of shares of Common Stock that the Reporting Person received as a result of this mandatory conversation process reflected the reverse stock split of the Issuer's Common Stock effected by the Issuer in 2022 (i.e., 22 shares of Common Stock converts into 1 share of Common Stock).

F5 · derivative.expiration_date: 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).

F5 · derivative.underlying_shares: 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 · derivative.underlying_shares: Pursuant to the Issuer's Amended and Restated Certificate of Incorporation and to the Securities Purchase Agreement, entered into by the Issuer and each Holder on or about August 8, 2018, the Reporting Person's shares of Series H Preferred Stock were converted into shares of the Issuer's Common Stock on August 10, 2023. The number of shares of Common Stock that the Reporting Person received as a result of this mandatory conversation process reflected the reverse stock split of the Issuer's Common Stock effected by the Issuer in 2022 (i.e., 22 shares of Common Stock converts into 1 share of Common Stock).

F6 · balance_after: Pursuant to the Issuer's Amended and Restated Certificate of Incorporation and to the Securities Purchase Agreement, entered into by the Issuer and each Holder on or about August 8, 2018, the Reporting Person's shares of Series H Preferred Stock were converted into shares of the Issuer's Common Stock on August 10, 2023. The number of shares of Common Stock that the Reporting Person received as a result of this mandatory conversation process reflected the reverse stock split of the Issuer's Common Stock effected by the Issuer in 2022 (i.e., 22 shares of Common Stock converts into 1 share of Common Stock).

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: 0001213900-23-070042 · 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 BRF Investments, LLC

Disclosed balance after: 5,323,282

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F6 · date: Pursuant to the Issuer's Amended and Restated Certificate of Incorporation and to the Securities Purchase Agreement, entered into by the Issuer and each Holder on or about August 8, 2018, the Reporting Person's shares of Series H Preferred Stock were converted into shares of the Issuer's Common Stock on August 10, 2023. The number of shares of Common Stock that the Reporting Person received as a result of this mandatory conversation process reflected the reverse stock split of the Issuer's Common Stock effected by the Issuer in 2022 (i.e., 22 shares of Common Stock converts into 1 share of Common Stock).

F6 · price: Pursuant to the Issuer's Amended and Restated Certificate of Incorporation and to the Securities Purchase Agreement, entered into by the Issuer and each Holder on or about August 8, 2018, the Reporting Person's shares of Series H Preferred Stock were converted into shares of the Issuer's Common Stock on August 10, 2023. The number of shares of Common Stock that the Reporting Person received as a result of this mandatory conversation process reflected the reverse stock split of the Issuer's Common Stock effected by the Issuer in 2022 (i.e., 22 shares of Common Stock converts into 1 share of Common Stock).

F7 · balance_after: Represents 1,000,000 shares of Common Stock previously held by BRS and subsequently transferred to BRFI.

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: 0001213900-23-070042 · 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 B. Riley Principal Investments, LLC

Disclosed balance after: 29,342

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F6 · date: Pursuant to the Issuer's Amended and Restated Certificate of Incorporation and to the Securities Purchase Agreement, entered into by the Issuer and each Holder on or about August 8, 2018, the Reporting Person's shares of Series H Preferred Stock were converted into shares of the Issuer's Common Stock on August 10, 2023. The number of shares of Common Stock that the Reporting Person received as a result of this mandatory conversation process reflected the reverse stock split of the Issuer's Common Stock effected by the Issuer in 2022 (i.e., 22 shares of Common Stock converts into 1 share of Common Stock).

F6 · price: Pursuant to the Issuer's Amended and Restated Certificate of Incorporation and to the Securities Purchase Agreement, entered into by the Issuer and each Holder on or about August 8, 2018, the Reporting Person's shares of Series H Preferred Stock were converted into shares of the Issuer's Common Stock on August 10, 2023. The number of shares of Common Stock that the Reporting Person received as a result of this mandatory conversation process reflected the reverse stock split of the Issuer's Common Stock effected by the Issuer in 2022 (i.e., 22 shares of Common Stock converts into 1 share of Common Stock).

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: 0001213900-23-051497 · 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: 1,588,642

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

SEC source: 0001213900-23-051497 · 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 Securities, Inc.

Disclosed balance after: 1,363,246

F6 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $3.49 to $3.65, 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.

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: 0001213900-23-051497 · 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: 1,261,049

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: 0001213900-23-051497 · 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 B. Riley Securities, Inc.

Disclosed balance after: 1,231,451

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: 0001213900-23-050213 · 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 Securities, Inc.

Disclosed balance after: 1,218,027

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: 0001213900-23-050213 · 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: 1,214,051

F7 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $3.499 to $3.50, 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.

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: 0001213900-23-050213 · 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 B. Riley Securities, Inc.

Disclosed balance after: 1,195,334

F6 · balance_after: Represents 770,380 shares of Common Stock previously held by BRS and subsequently transferred to BRFI.

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: 0001213900-23-044626 · 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: Direct

Disclosed balance after: 1,488,642

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

SEC source: 0001213900-23-042823 · 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: Direct

Disclosed balance after: 1,468,432

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

SEC source: 0001213900-23-041685 · 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: Direct

Disclosed balance after: 1,465,858

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

SEC source: 0001213900-23-041685 · 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: Direct

Disclosed balance after: 1,457,614

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

SEC source: 0001213900-23-040715 · 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: Direct

Disclosed balance after: 1,457,514

F6 · price: 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.

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

SEC source: 0001213900-23-029340 · 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: Direct

Disclosed balance after: 1,407,514

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

SEC source: 0001213900-23-028125 · 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: Direct

Disclosed balance after: 1,388,208

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

SEC source: 0001493152-23-009976 · ownership.xml · nonDerivative · entry 2

Shribman Daniel · CIK 0001772389 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 45,845

F2 · kind: On March 31, 2023, the reporting person acquired these shares of Common Stock from the Issuer in a transaction approved in advance by the board of directors of the Issuer.

SEC source: 0001493152-23-009975 · ownership.xml · nonDerivative · entry 2

Edmondson Paul Taylor · CIK 0001754097 · President, Platform

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 133,386

F2 · kind: On March 31, 2023, the reporting person acquired these shares of Common Stock from the Issuer in a transaction approved in advance by the board of directors of the Issuer.

SEC source: 0001493152-23-009974 · ownership.xml · nonDerivative · entry 2

Levinsohn Ross · CIK 0001389130 · Director · Chief Executive Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 261,714

F2 · kind: On March 31, 2023, the reporting person acquired these shares of Common Stock from the Issuer in a transaction approved in advance by the board of directors of the Issuer.

SEC source: 0001493152-23-009973 · ownership.xml · nonDerivative · entry 3

Allred Herbert Hunt · CIK 0001888141 · Director

10b5-1 filing: No plan indicated

Ownership: Indirect · Allred 2002 Trust - NLA

Disclosed balance after: 75,479

F2 · kind: On March 31, 2023, the reporting person acquired indirect beneficial ownership of these shares of Common Stock from the Issuer in a transaction approved in advance by the board of directors of the Issuer.

F4 · ownership.nature: Brittny Allred, Mr. Allred's spouse, is Trustee of this irrevocable trust, of which Nancy Allred Collins, Mr. Allred's sister, is a beneficiary.

SEC source: 0001493152-23-009973 · ownership.xml · nonDerivative · entry 2

Allred Herbert Hunt · CIK 0001888141 · Director

10b5-1 filing: No plan indicated

Ownership: Indirect · Allred 2002 Trust - HHA

Disclosed balance after: 75,479

F2 · kind: On March 31, 2023, the reporting person acquired indirect beneficial ownership of these shares of Common Stock from the Issuer in a transaction approved in advance by the board of directors of the Issuer.

F3 · ownership.nature: Brittny Allred, Mr. Allred's spouse, is Trustee of this irrevocable trust, of which Mr. Allred is a beneficiary.

SEC source: 0001213900-23-025026 · 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 Abigail Riley

Disclosed balance after: 23,232

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: 0001213900-23-025026 · 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 Susan Riley

Disclosed balance after: 23,232

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: 0001213900-23-025026 · 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: Indirect · By Bryant R. Riley, as UTMA custodian for Eloise Riley

Disclosed balance after: 23,232

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: 0001213900-23-025026 · 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 Bryant R. Riley, as UTMA custodian for Charlie Riley

Disclosed balance after: 25,809

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: 0001213900-23-025026 · 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: Direct

Disclosed balance after: 1,378,715

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

SEC source: 0001213900-23-025026 · 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 B. Riley Securities, Inc.

Disclosed balance after: 1,964,673

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: 0001493152-23-009975 · ownership.xml · nonDerivative · entry 1

Edmondson Paul Taylor · CIK 0001754097 · President, Platform

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 126,943

F1 · kind: Shares forfeited pursuant to tax withholding.

SEC source: 0001493152-23-009974 · ownership.xml · nonDerivative · entry 1

Levinsohn Ross · CIK 0001389130 · Director · Chief Executive Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 235,941

F1 · kind: Shares forfeited pursuant to tax withholding.

SEC source: 0001493152-23-014647 · ownership.xml · nonDerivative · entry 1

Barrett Henry Robertson · CIK 0001847318 · PRESDIENT, MEDIA

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 125,302

F1 · kind: Shares forfeited pursuant to tax withholding.

SEC source: 0001493152-23-014646 · ownership.xml · nonDerivative · entry 1

Zimak Avi · CIK 0001844115 · CHIEF REVENUE OFFICER

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 121,012

F1 · kind: Shares forfeited pursuant to tax withholding.

SEC source: 0001493152-23-019204 · ownership.xml · nonDerivative · entry 1

Smith Douglas Baker · CIK 0001844076 · CHIEF FINANCIAL OFFICER

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 105,606

F1 · kind: Shares forfeited pursuant to tax withholding.

SEC source: 0001493152-23-039547 · ownership.xml · nonDerivative · entry 1

Kraft Andrew Q. · CIK 0001844380 · CHIEF OPERATING OFFICER

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 112,546

F1 · kind: Shares forfeited pursuant to tax withholding.

SEC source: 0001493152-23-009976 · ownership.xml · nonDerivative · entry 1

Shribman Daniel · CIK 0001772389 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 20,072

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 2023 calendar year, subject to the reporting person's continued service to the Issuer on each applicable vesting date.

SEC source: 0001493152-23-009973 · ownership.xml · nonDerivative · entry 1

Allred Herbert Hunt · CIK 0001888141 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 26,604

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 2023 calendar year, subject to the reporting person's continued service to the Issuer on each applicable vesting date.

SEC source: 0001493152-23-011743 · ownership.xml · nonDerivative · entry 1

Zola Carlo · CIK 0001870892 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 14,192

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 2023 calendar year, subject to the reporting person's continued service to the Issuer on each applicable vesting date.

SEC source: 0001493152-23-011739 · ownership.xml · nonDerivative · entry 1

Sims Todd D. · CIK 0001685242 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 53,010

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 2023 calendar year, subject to the reporting person's continued service to the Issuer on each applicable vesting date.

SEC source: 0001493152-23-011735 · ownership.xml · nonDerivative · entry 1

Petzel Christopher · CIK 0001889391 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 9,625

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 2023 calendar year, subject to the reporting person's continued service to the Issuer on each applicable vesting date.

SEC source: 0001493152-23-011732 · ownership.xml · nonDerivative · entry 1

Lee Laura Anne · CIK 0001616901 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 15,395

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 2023 calendar year, subject to the reporting person's continued service to the Issuer on each applicable vesting date.

SEC source: 0001493152-23-000107 · ownership.xml · derivative · entry 2

Lee Laura Anne · CIK 0001616901 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 675 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F3 · derivative.exercise_price: Each RSU represents a contingent right to receive 1 share of the Issuer's common stock.

F4 · derivative.exercise_date: 5/12 of the shares associated with the RSU vest on May 31, 2022, with the balance vesting in seven equal installments thereafter on the last calendar day of each month

F4 · derivative.expiration_date: 5/12 of the shares associated with the RSU vest on May 31, 2022, with the balance vesting in seven equal installments thereafter on the last calendar day of each month

SEC source: 0001493152-23-000107 · ownership.xml · nonDerivative · entry 1

Lee Laura Anne · CIK 0001616901 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 10,941

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · security: On February 9, 2022, the Company (formerly known as theMaven, Inc.) changed its name to The Arena Group Holdings, Inc., uplisted its common stock to the NYSE American, and began trading under the symbol "AREN."

F3 · price: Each RSU represents a contingent right to receive 1 share of the Issuer's common stock.

F2 · balance_after: Effective at 8:00 p.m. Eastern Time on February 8, 2022, the common stock of the Company, par value $0.01 (the "Common Stock"), underwent a reverse split of 1-for-22 (the "Reverse Stock Split"). All amounts of Common Stock and other securities listed herein have been adjusted to reflect the effect of the Reverse Stock Split.

SEC source: 0001493152-23-000104 · ownership.xml · derivative · entry 2

Zola Carlo · CIK 0001870892 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 675 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F3 · derivative.exercise_price: Each RSU represents a contingent right to receive 1 share of the Issuer's common stock.

F4 · derivative.exercise_date: 5/12 of the shares associated with the RSU vest on May 31, 2022, with the balance vesting in seven equal installments thereafter on the last calendar day of each month

F4 · derivative.expiration_date: 5/12 of the shares associated with the RSU vest on May 31, 2022, with the balance vesting in seven equal installments thereafter on the last calendar day of each month

SEC source: 0001493152-23-000104 · ownership.xml · nonDerivative · entry 1

Zola Carlo · CIK 0001870892 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 11,388

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · security: On February 9, 2022, the Company (formerly known as theMaven, Inc.) changed its name to The Arena Group Holdings, Inc., uplisted its common stock to the NYSE American, and began trading under the symbol "AREN."

F3 · price: Each RSU represents a contingent right to receive 1 share of the Issuer's common stock.

F2 · balance_after: Effective at 8:00 p.m. Eastern Time on February 8, 2022, the common stock of the Company, par value $0.01 (the "Common Stock"), underwent a reverse split of 1-for-22 (the "Reverse Stock Split"). All amounts of Common Stock and other securities listed herein have been adjusted to reflect the effect of the Reverse Stock Split.

SEC source: 0001493152-23-000101 · ownership.xml · derivative · entry 2

Allred Herbert Hunt · CIK 0001888141 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 675 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F3 · derivative.exercise_price: Each RSU represents a contingent right to receive 1 share of the Issuer's common stock.

F4 · derivative.exercise_date: 5/12 of the shares associated with the RSU vest on May 31, 2022, with the balance vesting in seven equal installments thereafter on the last calendar day of each month

F4 · derivative.expiration_date: 5/12 of the shares associated with the RSU vest on May 31, 2022, with the balance vesting in seven equal installments thereafter on the last calendar day of each month