AREN

SEC source: 0001493152-22-025229 · ownership.xml · derivative · entry 27

Edmondson Paul Taylor · CIK 0001754097 · President, Platform

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 66,519

Underlying: Common Stock · 66,519 shares

Expires 2031-02-18

F16 · kind: Stock Option Repricing Program. On March 18, 2022 (the "Repricing Date"), the Compensation Committee of the Company unanimously approved a one-time repricing of certain stock options (the "Repricing") outstanding under the Company's 2016 Stock Incentive Plan and 2019 Equity Incentive Plan that had an exercise price above $8.82 per share (the "Underwater Stock Options"). As a result of the Repricing, the exercise price of the Underwater Stock Options was set to $8.82 per share, which was the closing sale price of the Company's Common Stock as listed on the NYSE American exchange on March 18, 2022, and which price represented the per share fair market value (the "FMV") on the Repricing Date.

F17 · kind: Pursuant to the Repricing, the exercise price was reduced for 294,047 Underwater Stock Options held by the filer, For each of the filer's stock option grants, reporting guidance suggests this should be reported as two transactions to reflect the lowering of the exercise price to $8.82, whereby the Underwater Stock Options are disposed and the Repriced option are acquired.

F8 · price: Repurchase of 58 already vested RSA shares at $88.00 per share on February 5, 2022 by Issuer pursuant to a repurchase agreement between the Issuer and shareholder

F20 · derivative.exercise_date: The option was originally granted on February 18, 2021. The shares of the Company's Common Stock underlying the options vest one-third on January 1, 2022, with the balance vesting monthly over the next 24 months.

SEC source: 0001493152-22-025229 · ownership.xml · derivative · entry 26

Edmondson Paul Taylor · CIK 0001754097 · President, Platform

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 66,519 shares

Expires 2031-02-18

F16 · kind: Stock Option Repricing Program. On March 18, 2022 (the "Repricing Date"), the Compensation Committee of the Company unanimously approved a one-time repricing of certain stock options (the "Repricing") outstanding under the Company's 2016 Stock Incentive Plan and 2019 Equity Incentive Plan that had an exercise price above $8.82 per share (the "Underwater Stock Options"). As a result of the Repricing, the exercise price of the Underwater Stock Options was set to $8.82 per share, which was the closing sale price of the Company's Common Stock as listed on the NYSE American exchange on March 18, 2022, and which price represented the per share fair market value (the "FMV") on the Repricing Date.

F17 · kind: Pursuant to the Repricing, the exercise price was reduced for 294,047 Underwater Stock Options held by the filer, For each of the filer's stock option grants, reporting guidance suggests this should be reported as two transactions to reflect the lowering of the exercise price to $8.82, whereby the Underwater Stock Options are disposed and the Repriced option are acquired.

F8 · price: Repurchase of 58 already vested RSA shares at $88.00 per share on February 5, 2022 by Issuer pursuant to a repurchase agreement between the Issuer and shareholder

F20 · derivative.exercise_date: The option was originally granted on February 18, 2021. The shares of the Company's Common Stock underlying the options vest one-third on January 1, 2022, with the balance vesting monthly over the next 24 months.

SEC source: 0001493152-22-025229 · ownership.xml · derivative · entry 25

Edmondson Paul Taylor · CIK 0001754097 · President, Platform

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 219,837

Underlying: Common Stock · 219,837 shares

Expires 2029-04-10

F16 · kind: Stock Option Repricing Program. On March 18, 2022 (the "Repricing Date"), the Compensation Committee of the Company unanimously approved a one-time repricing of certain stock options (the "Repricing") outstanding under the Company's 2016 Stock Incentive Plan and 2019 Equity Incentive Plan that had an exercise price above $8.82 per share (the "Underwater Stock Options"). As a result of the Repricing, the exercise price of the Underwater Stock Options was set to $8.82 per share, which was the closing sale price of the Company's Common Stock as listed on the NYSE American exchange on March 18, 2022, and which price represented the per share fair market value (the "FMV") on the Repricing Date.

F17 · kind: Pursuant to the Repricing, the exercise price was reduced for 294,047 Underwater Stock Options held by the filer, For each of the filer's stock option grants, reporting guidance suggests this should be reported as two transactions to reflect the lowering of the exercise price to $8.82, whereby the Underwater Stock Options are disposed and the Repriced option are acquired.

F8 · price: Repurchase of 58 already vested RSA shares at $88.00 per share on February 5, 2022 by Issuer pursuant to a repurchase agreement between the Issuer and shareholder

F19 · derivative.exercise_date: The option was originally granted on April 10, 2019. The shares of the Company's Common Stock underlying the options as amended vest one-third on the one year anniversary, with the balance vesting monthly over the next 24 months.

SEC source: 0001493152-22-025229 · ownership.xml · derivative · entry 24

Edmondson Paul Taylor · CIK 0001754097 · President, Platform

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 219,837 shares

Expires 2029-04-10

F16 · kind: Stock Option Repricing Program. On March 18, 2022 (the "Repricing Date"), the Compensation Committee of the Company unanimously approved a one-time repricing of certain stock options (the "Repricing") outstanding under the Company's 2016 Stock Incentive Plan and 2019 Equity Incentive Plan that had an exercise price above $8.82 per share (the "Underwater Stock Options"). As a result of the Repricing, the exercise price of the Underwater Stock Options was set to $8.82 per share, which was the closing sale price of the Company's Common Stock as listed on the NYSE American exchange on March 18, 2022, and which price represented the per share fair market value (the "FMV") on the Repricing Date.

F17 · kind: Pursuant to the Repricing, the exercise price was reduced for 294,047 Underwater Stock Options held by the filer, For each of the filer's stock option grants, reporting guidance suggests this should be reported as two transactions to reflect the lowering of the exercise price to $8.82, whereby the Underwater Stock Options are disposed and the Repriced option are acquired.

F8 · price: Repurchase of 58 already vested RSA shares at $88.00 per share on February 5, 2022 by Issuer pursuant to a repurchase agreement between the Issuer and shareholder

F19 · derivative.exercise_date: The option was originally granted on April 10, 2019. The shares of the Company's Common Stock underlying the options as amended vest one-third on the one year anniversary, with the balance vesting monthly over the next 24 months.

SEC source: 0001493152-22-025229 · ownership.xml · derivative · entry 23

Edmondson Paul Taylor · CIK 0001754097 · President, Platform

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 4,546

Underlying: Common Stock · 4,546 shares

Expires 2028-09-13

F16 · kind: Stock Option Repricing Program. On March 18, 2022 (the "Repricing Date"), the Compensation Committee of the Company unanimously approved a one-time repricing of certain stock options (the "Repricing") outstanding under the Company's 2016 Stock Incentive Plan and 2019 Equity Incentive Plan that had an exercise price above $8.82 per share (the "Underwater Stock Options"). As a result of the Repricing, the exercise price of the Underwater Stock Options was set to $8.82 per share, which was the closing sale price of the Company's Common Stock as listed on the NYSE American exchange on March 18, 2022, and which price represented the per share fair market value (the "FMV") on the Repricing Date.

F17 · kind: Pursuant to the Repricing, the exercise price was reduced for 294,047 Underwater Stock Options held by the filer, For each of the filer's stock option grants, reporting guidance suggests this should be reported as two transactions to reflect the lowering of the exercise price to $8.82, whereby the Underwater Stock Options are disposed and the Repriced option are acquired.

F8 · price: Repurchase of 58 already vested RSA shares at $88.00 per share on February 5, 2022 by Issuer pursuant to a repurchase agreement between the Issuer and shareholder

F18 · derivative.exercise_date: The option was originally granted on September 18, 2018. The shares of the Company's Common Stock underlying the options vest one-third on September 18, 2019, with the balance vesting monthly over the next 24 months.

SEC source: 0001493152-22-025229 · ownership.xml · derivative · entry 22

Edmondson Paul Taylor · CIK 0001754097 · President, Platform

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 4,546 shares

Expires 2028-09-13

F16 · kind: Stock Option Repricing Program. On March 18, 2022 (the "Repricing Date"), the Compensation Committee of the Company unanimously approved a one-time repricing of certain stock options (the "Repricing") outstanding under the Company's 2016 Stock Incentive Plan and 2019 Equity Incentive Plan that had an exercise price above $8.82 per share (the "Underwater Stock Options"). As a result of the Repricing, the exercise price of the Underwater Stock Options was set to $8.82 per share, which was the closing sale price of the Company's Common Stock as listed on the NYSE American exchange on March 18, 2022, and which price represented the per share fair market value (the "FMV") on the Repricing Date.

F17 · kind: Pursuant to the Repricing, the exercise price was reduced for 294,047 Underwater Stock Options held by the filer, For each of the filer's stock option grants, reporting guidance suggests this should be reported as two transactions to reflect the lowering of the exercise price to $8.82, whereby the Underwater Stock Options are disposed and the Repriced option are acquired.

F8 · price: Repurchase of 58 already vested RSA shares at $88.00 per share on February 5, 2022 by Issuer pursuant to a repurchase agreement between the Issuer and shareholder

F18 · derivative.exercise_date: The option was originally granted on September 18, 2018. The shares of the Company's Common Stock underlying the options vest one-third on September 18, 2019, with the balance vesting monthly over the next 24 months.

SEC source: 0001493152-22-025223 · ownership.xml · derivative · entry 21

Smith Douglas Baker · CIK 0001844076 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 49,890

Underlying: Common Stock · 49,890 shares

Expires 2031-02-18

F7 · kind: Stock Option Repricing Program. On March 18, 2022 (the "Repricing Date"), the Compensation Committee of the Company unanimously approved a one-time repricing of certain stock options (the "Repricing") outstanding under the Company's 2016 Stock Incentive Plan and 2019 Equity Incentive Plan that had an exercise price above $8.82 per share (the "Underwater Stock Options"). As a result of the Repricing, the exercise price of the Underwater Stock Options was set to $8.82 per share, which was the closing sale price of the Company's Common Stock as listed on the NYSE American exchange on March 18, 2022, and which price represented the per share fair market value (the "FMV") on the Repricing Date.

F8 · kind: Pursuant to the Repricing, the exercise price was reduced for 166,437 Underwater Stock Options held by the filer, For each of the filer's stock option grants, reporting guidance suggests this should be reported as two transactions to reflect the lowering of the exercise price to $8.82, whereby the Underwater Stock Options are disposed and the Repriced option are acquired.

F8 · price: Pursuant to the Repricing, the exercise price was reduced for 166,437 Underwater Stock Options held by the filer, For each of the filer's stock option grants, reporting guidance suggests this should be reported as two transactions to reflect the lowering of the exercise price to $8.82, whereby the Underwater Stock Options are disposed and the Repriced option are acquired.

F12 · derivative.exercise_date: The option was originally granted on February 18, 2021. The shares of the Company's Common Stock underlying the options vest one-third on January 1, 2022, with the balance vesting monthly over the next 24 months.

SEC source: 0001493152-22-025223 · ownership.xml · derivative · entry 20

Smith Douglas Baker · CIK 0001844076 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 49,890 shares

Expires 2031-02-18

F7 · kind: Stock Option Repricing Program. On March 18, 2022 (the "Repricing Date"), the Compensation Committee of the Company unanimously approved a one-time repricing of certain stock options (the "Repricing") outstanding under the Company's 2016 Stock Incentive Plan and 2019 Equity Incentive Plan that had an exercise price above $8.82 per share (the "Underwater Stock Options"). As a result of the Repricing, the exercise price of the Underwater Stock Options was set to $8.82 per share, which was the closing sale price of the Company's Common Stock as listed on the NYSE American exchange on March 18, 2022, and which price represented the per share fair market value (the "FMV") on the Repricing Date.

F8 · kind: Pursuant to the Repricing, the exercise price was reduced for 166,437 Underwater Stock Options held by the filer, For each of the filer's stock option grants, reporting guidance suggests this should be reported as two transactions to reflect the lowering of the exercise price to $8.82, whereby the Underwater Stock Options are disposed and the Repriced option are acquired.

F8 · price: Pursuant to the Repricing, the exercise price was reduced for 166,437 Underwater Stock Options held by the filer, For each of the filer's stock option grants, reporting guidance suggests this should be reported as two transactions to reflect the lowering of the exercise price to $8.82, whereby the Underwater Stock Options are disposed and the Repriced option are acquired.

F12 · derivative.exercise_date: The option was originally granted on February 18, 2021. The shares of the Company's Common Stock underlying the options vest one-third on January 1, 2022, with the balance vesting monthly over the next 24 months.

SEC source: 0001493152-22-025223 · ownership.xml · derivative · entry 19

Smith Douglas Baker · CIK 0001844076 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 48,364

Underlying: Common Stock · 48,364 shares

Expires 2029-04-10

F7 · kind: Stock Option Repricing Program. On March 18, 2022 (the "Repricing Date"), the Compensation Committee of the Company unanimously approved a one-time repricing of certain stock options (the "Repricing") outstanding under the Company's 2016 Stock Incentive Plan and 2019 Equity Incentive Plan that had an exercise price above $8.82 per share (the "Underwater Stock Options"). As a result of the Repricing, the exercise price of the Underwater Stock Options was set to $8.82 per share, which was the closing sale price of the Company's Common Stock as listed on the NYSE American exchange on March 18, 2022, and which price represented the per share fair market value (the "FMV") on the Repricing Date.

F8 · kind: Pursuant to the Repricing, the exercise price was reduced for 166,437 Underwater Stock Options held by the filer, For each of the filer's stock option grants, reporting guidance suggests this should be reported as two transactions to reflect the lowering of the exercise price to $8.82, whereby the Underwater Stock Options are disposed and the Repriced option are acquired.

F8 · price: Pursuant to the Repricing, the exercise price was reduced for 166,437 Underwater Stock Options held by the filer, For each of the filer's stock option grants, reporting guidance suggests this should be reported as two transactions to reflect the lowering of the exercise price to $8.82, whereby the Underwater Stock Options are disposed and the Repriced option are acquired.

F11 · derivative.exercise_date: The option was originally granted on April 10, 2019. The shares of the Company's Common Stock underlying the options as amended currently vest one-third on the one year anniversary, with the balance vesting monthly over the next 24 months.

SEC source: 0001493152-22-025223 · ownership.xml · derivative · entry 18

Smith Douglas Baker · CIK 0001844076 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 48,364 shares

Expires 2029-04-10

F7 · kind: Stock Option Repricing Program. On March 18, 2022 (the "Repricing Date"), the Compensation Committee of the Company unanimously approved a one-time repricing of certain stock options (the "Repricing") outstanding under the Company's 2016 Stock Incentive Plan and 2019 Equity Incentive Plan that had an exercise price above $8.82 per share (the "Underwater Stock Options"). As a result of the Repricing, the exercise price of the Underwater Stock Options was set to $8.82 per share, which was the closing sale price of the Company's Common Stock as listed on the NYSE American exchange on March 18, 2022, and which price represented the per share fair market value (the "FMV") on the Repricing Date.

F8 · kind: Pursuant to the Repricing, the exercise price was reduced for 166,437 Underwater Stock Options held by the filer, For each of the filer's stock option grants, reporting guidance suggests this should be reported as two transactions to reflect the lowering of the exercise price to $8.82, whereby the Underwater Stock Options are disposed and the Repriced option are acquired.

F8 · price: Pursuant to the Repricing, the exercise price was reduced for 166,437 Underwater Stock Options held by the filer, For each of the filer's stock option grants, reporting guidance suggests this should be reported as two transactions to reflect the lowering of the exercise price to $8.82, whereby the Underwater Stock Options are disposed and the Repriced option are acquired.

F11 · derivative.exercise_date: The option was originally granted on April 10, 2019. The shares of the Company's Common Stock underlying the options as amended currently vest one-third on the one year anniversary, with the balance vesting monthly over the next 24 months.

SEC source: 0001493152-22-025223 · ownership.xml · derivative · entry 17

Smith Douglas Baker · CIK 0001844076 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 22,728

Underlying: Common Stock · 22,728 shares

Expires 2029-03-11

F7 · kind: Stock Option Repricing Program. On March 18, 2022 (the "Repricing Date"), the Compensation Committee of the Company unanimously approved a one-time repricing of certain stock options (the "Repricing") outstanding under the Company's 2016 Stock Incentive Plan and 2019 Equity Incentive Plan that had an exercise price above $8.82 per share (the "Underwater Stock Options"). As a result of the Repricing, the exercise price of the Underwater Stock Options was set to $8.82 per share, which was the closing sale price of the Company's Common Stock as listed on the NYSE American exchange on March 18, 2022, and which price represented the per share fair market value (the "FMV") on the Repricing Date.

F8 · kind: Pursuant to the Repricing, the exercise price was reduced for 166,437 Underwater Stock Options held by the filer, For each of the filer's stock option grants, reporting guidance suggests this should be reported as two transactions to reflect the lowering of the exercise price to $8.82, whereby the Underwater Stock Options are disposed and the Repriced option are acquired.

F8 · price: Pursuant to the Repricing, the exercise price was reduced for 166,437 Underwater Stock Options held by the filer, For each of the filer's stock option grants, reporting guidance suggests this should be reported as two transactions to reflect the lowering of the exercise price to $8.82, whereby the Underwater Stock Options are disposed and the Repriced option are acquired.

F10 · derivative.exercise_date: The option was originally granted also on March 112019. The shares of the Company's Common Stock underlying the options as amended currently vest one-third on the one year anniversary, with the balance vesting monthly over the next 24 months.

SEC source: 0001493152-22-025223 · ownership.xml · derivative · entry 16

Smith Douglas Baker · CIK 0001844076 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 22,728 shares

Expires 2029-03-11

F7 · kind: Stock Option Repricing Program. On March 18, 2022 (the "Repricing Date"), the Compensation Committee of the Company unanimously approved a one-time repricing of certain stock options (the "Repricing") outstanding under the Company's 2016 Stock Incentive Plan and 2019 Equity Incentive Plan that had an exercise price above $8.82 per share (the "Underwater Stock Options"). As a result of the Repricing, the exercise price of the Underwater Stock Options was set to $8.82 per share, which was the closing sale price of the Company's Common Stock as listed on the NYSE American exchange on March 18, 2022, and which price represented the per share fair market value (the "FMV") on the Repricing Date.

F8 · kind: Pursuant to the Repricing, the exercise price was reduced for 166,437 Underwater Stock Options held by the filer, For each of the filer's stock option grants, reporting guidance suggests this should be reported as two transactions to reflect the lowering of the exercise price to $8.82, whereby the Underwater Stock Options are disposed and the Repriced option are acquired.

F8 · price: Pursuant to the Repricing, the exercise price was reduced for 166,437 Underwater Stock Options held by the filer, For each of the filer's stock option grants, reporting guidance suggests this should be reported as two transactions to reflect the lowering of the exercise price to $8.82, whereby the Underwater Stock Options are disposed and the Repriced option are acquired.

F10 · derivative.exercise_date: The option was originally granted also on March 112019. The shares of the Company's Common Stock underlying the options as amended currently vest one-third on the one year anniversary, with the balance vesting monthly over the next 24 months.

SEC source: 0001493152-22-025223 · ownership.xml · derivative · entry 15

Smith Douglas Baker · CIK 0001844076 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 45,455

Underlying: Common Stock · 45,455 shares

Expires 2029-03-11

F7 · kind: Stock Option Repricing Program. On March 18, 2022 (the "Repricing Date"), the Compensation Committee of the Company unanimously approved a one-time repricing of certain stock options (the "Repricing") outstanding under the Company's 2016 Stock Incentive Plan and 2019 Equity Incentive Plan that had an exercise price above $8.82 per share (the "Underwater Stock Options"). As a result of the Repricing, the exercise price of the Underwater Stock Options was set to $8.82 per share, which was the closing sale price of the Company's Common Stock as listed on the NYSE American exchange on March 18, 2022, and which price represented the per share fair market value (the "FMV") on the Repricing Date.

F8 · kind: Pursuant to the Repricing, the exercise price was reduced for 166,437 Underwater Stock Options held by the filer, For each of the filer's stock option grants, reporting guidance suggests this should be reported as two transactions to reflect the lowering of the exercise price to $8.82, whereby the Underwater Stock Options are disposed and the Repriced option are acquired.

F8 · price: Pursuant to the Repricing, the exercise price was reduced for 166,437 Underwater Stock Options held by the filer, For each of the filer's stock option grants, reporting guidance suggests this should be reported as two transactions to reflect the lowering of the exercise price to $8.82, whereby the Underwater Stock Options are disposed and the Repriced option are acquired.

F9 · derivative.exercise_date: The option was originally granted on March 11, 2019. The shares of the Company's Common Stock underlying the options as amended currently vest one-third on the one year anniversary, with the balance vesting monthly over the next 24 months.

SEC source: 0001493152-22-025223 · ownership.xml · derivative · entry 14

Smith Douglas Baker · CIK 0001844076 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 45,455 shares

Expires 2029-03-11

F7 · kind: Stock Option Repricing Program. On March 18, 2022 (the "Repricing Date"), the Compensation Committee of the Company unanimously approved a one-time repricing of certain stock options (the "Repricing") outstanding under the Company's 2016 Stock Incentive Plan and 2019 Equity Incentive Plan that had an exercise price above $8.82 per share (the "Underwater Stock Options"). As a result of the Repricing, the exercise price of the Underwater Stock Options was set to $8.82 per share, which was the closing sale price of the Company's Common Stock as listed on the NYSE American exchange on March 18, 2022, and which price represented the per share fair market value (the "FMV") on the Repricing Date.

F8 · kind: Pursuant to the Repricing, the exercise price was reduced for 166,437 Underwater Stock Options held by the filer, For each of the filer's stock option grants, reporting guidance suggests this should be reported as two transactions to reflect the lowering of the exercise price to $8.82, whereby the Underwater Stock Options are disposed and the Repriced option are acquired.

F8 · price: Pursuant to the Repricing, the exercise price was reduced for 166,437 Underwater Stock Options held by the filer, For each of the filer's stock option grants, reporting guidance suggests this should be reported as two transactions to reflect the lowering of the exercise price to $8.82, whereby the Underwater Stock Options are disposed and the Repriced option are acquired.

F9 · derivative.exercise_date: The option was originally granted on March 11, 2019. The shares of the Company's Common Stock underlying the options as amended currently vest one-third on the one year anniversary, with the balance vesting monthly over the next 24 months.

SEC source: 0001213900-22-011458 · 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: Not disclosed

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

Disclosed balance after: 1,159,215

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: 0001493152-22-015016 · ownership.xml · nonDerivative · entry 3

Levinsohn Ross · CIK 0001389130 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 153,592

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."

F4 · security: Shares forfeited pursuant to tax withholding.

SEC source: 0001213900-22-011458 · 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: Not disclosed

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

Disclosed balance after: 1,139,359

F8 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $8.20 to $8.25, 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: 0001213900-22-011458 · 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: Not disclosed

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

Disclosed balance after: 1,095,212

F7 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $8.20 to $8.25, 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: 0001213900-22-011458 · 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: Not disclosed

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

Disclosed balance after: 1,050,915

F6 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $7.90 to $8.25, 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: 0001493152-22-025229 · ownership.xml · nonDerivative · entry 9

Edmondson Paul Taylor · CIK 0001754097 · President, Platform

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 263

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."

F2 · security: 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, and all exercise prices of derivative securities, have been adjusted to reflect the effect of the Reverse Stock Split (even if the listed transaction occurred before the effective date of the Reverse Stock Split). On Table I, the number of shares in Columns 4 and 5 on the second and third rows reflects previously filed transactions that now show their reverse split-adjusted amounts, and Column 5 is corrected to reflect the transaction on the first row of this Form 4 occurring prior to those transactions.

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, and all exercise prices of derivative securities, have been adjusted to reflect the effect of the Reverse Stock Split (even if the listed transaction occurred before the effective date of the Reverse Stock Split). On Table I, the number of shares in Columns 4 and 5 on the second and third rows reflects previously filed transactions that now show their reverse split-adjusted amounts, and Column 5 is corrected to reflect the transaction on the first row of this Form 4 occurring prior to those transactions.

F10 · balance_after: Repurchase of 29 already vested RSA shares at $88.00 per share on March 5, 2022 by Issuer pursuant to a repurchase agreement between the Issuer and shareholder

F6 · ownership.direct: Holdings of Robin Edmondson, the Reporting Person's wife.

F6 · ownership.nature: Holdings of Robin Edmondson, the Reporting Person's wife.

SEC source: 0001493152-22-025229 · ownership.xml · nonDerivative · entry 8

Edmondson Paul Taylor · CIK 0001754097 · President, Platform

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 66,966

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."

F2 · security: 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, and all exercise prices of derivative securities, have been adjusted to reflect the effect of the Reverse Stock Split (even if the listed transaction occurred before the effective date of the Reverse Stock Split). On Table I, the number of shares in Columns 4 and 5 on the second and third rows reflects previously filed transactions that now show their reverse split-adjusted amounts, and Column 5 is corrected to reflect the transaction on the first row of this Form 4 occurring prior to those transactions.

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, and all exercise prices of derivative securities, have been adjusted to reflect the effect of the Reverse Stock Split (even if the listed transaction occurred before the effective date of the Reverse Stock Split). On Table I, the number of shares in Columns 4 and 5 on the second and third rows reflects previously filed transactions that now show their reverse split-adjusted amounts, and Column 5 is corrected to reflect the transaction on the first row of this Form 4 occurring prior to those transactions.

F9 · balance_after: Repurchase of 735 already vested RSA shares at $88.00 per share on March 5, 2022 by Issuer pursuant to a repurchase agreement between the Issuer and shareholder

SEC source: 0001213900-22-010589 · 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: Not disclosed

Ownership: Direct

Disclosed balance after: 1,160,962

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

SEC source: 0001493152-22-020869 · ownership.xml · derivative · entry 12

Marchisotto Jill · CIK 0001843647 · Chief Marketing Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 47,428

Underlying: Common Stock · 2,156 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: The Reporting Person acquired the shares of Common Stock pursuant to vested shares that were originally granted in a Restricted Stock Unit ("RSU") grant dated 2/18/2021. Each RSU represents a contingent right to receive 1 share of the Issuer's common stock.

F5 · derivative.exercise_date: 1/3 of the shares associated with the RSU vest on January 1, 2022, with the balance of shares associated with the RSU vesting in 24 equal monthly installments thereafter (in full shares, rounded as necessary)

F6 · derivative.exercise_date: The RSU was previously reported as covering 1,707,317 shares (prior to the Reverse Stock Split, which is equal to 77,606 shares post Reverse Stock Split).

F5 · derivative.expiration_date: 1/3 of the shares associated with the RSU vest on January 1, 2022, with the balance of shares associated with the RSU vesting in 24 equal monthly installments thereafter (in full shares, rounded as necessary)

F6 · derivative.expiration_date: The RSU was previously reported as covering 1,707,317 shares (prior to the Reverse Stock Split, which is equal to 77,606 shares post Reverse Stock Split).

SEC source: 0001493152-22-020869 · ownership.xml · nonDerivative · entry 3

Marchisotto Jill · CIK 0001843647 · Chief Marketing Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 30,178

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."

F2 · security: 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, and all exercise prices of derivative securities, have been adjusted to reflect the effect of the Reverse Stock Split (even if the listed transaction occurred before the effective date of the Reverse Stock Split).

F3 · price: The Reporting Person acquired the shares of Common Stock pursuant to vested shares that were originally granted in a Restricted Stock Unit ("RSU") grant dated 2/18/2021. 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, and all exercise prices of derivative securities, have been adjusted to reflect the effect of the Reverse Stock Split (even if the listed transaction occurred before the effective date of the Reverse Stock Split).

SEC source: 0001493152-22-020867 · ownership.xml · derivative · entry 14

Zimak Avi · CIK 0001844115 · Chief Revenue Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 71,141

Underlying: Common Stock · 3,234 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: The Reporting Person acquired the shares of Common Stock pursuant to vested shares that were originally granted in Restricted Stock Unit ("RSU") grants dated 12/2/2019 and 2/18/2021. Each RSU represents a contingent right to receive 1 share of the Issuer's common stock. The 11,364 shares associated with the grant dated 12/2/2019 all vested on 12/2/2020; however, such shares will not settle and be issued until 12/2/2024 (this RSU was previously reported as covering 250,000 shares prior to the Reverse Stock Split),

F5 · derivative.exercise_date: 1/3 of the shares associated with the RSU vest on January 1, 2022, with the balance of shares associated with the RSU vesting in 24 equal monthly installments thereafter (in full shares, rounded as necessary)

F6 · derivative.exercise_date: The RSU was previously reported as covering 2,560,976 shares (prior to the Reverse Stock Split, which is equal to 116,408 shares post Reverse Stock Split).

F5 · derivative.expiration_date: 1/3 of the shares associated with the RSU vest on January 1, 2022, with the balance of shares associated with the RSU vesting in 24 equal monthly installments thereafter (in full shares, rounded as necessary)

F6 · derivative.expiration_date: The RSU was previously reported as covering 2,560,976 shares (prior to the Reverse Stock Split, which is equal to 116,408 shares post Reverse Stock Split).

SEC source: 0001493152-22-020867 · ownership.xml · nonDerivative · entry 4

Zimak Avi · CIK 0001844115 · Chief Revenue Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 56,631

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."

F2 · security: 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, and all exercise prices of derivative securities, have been adjusted to reflect the effect of the Reverse Stock Split (even if the listed transaction occurred before the effective date of the Reverse Stock Split).

F3 · price: The Reporting Person acquired the shares of Common Stock pursuant to vested shares that were originally granted in Restricted Stock Unit ("RSU") grants dated 12/2/2019 and 2/18/2021. Each RSU represents a contingent right to receive 1 share of the Issuer's common stock. The 11,364 shares associated with the grant dated 12/2/2019 all vested on 12/2/2020; however, such shares will not settle and be issued until 12/2/2024 (this RSU was previously reported as covering 250,000 shares prior to the Reverse Stock Split),

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, and all exercise prices of derivative securities, have been adjusted to reflect the effect of the Reverse Stock Split (even if the listed transaction occurred before the effective date of the Reverse Stock Split).

SEC source: 0001493152-22-024909 · ownership.xml · derivative · entry 13

Kraft Andrew Q. · CIK 0001844380 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 71,141

Underlying: Common Stock · 3,234 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: The Reporting Person acquired the shares of Common Stock pursuant to vested shares that were originally granted in a Restricted Stock Unit ("RSU") grant dated 2/18/2021. Each RSU represents a contingent right to receive 1 share of the Issuer's common stock.

F5 · derivative.exercise_date: 1/3 of the shares associated with the RSU vest on January 1, 2022, with the balance of shares associated with the RSU vesting in 24 equal monthly installments thereafter (in full shares, rounded as necessary)

F6 · derivative.exercise_date: The RSU was previously reported as covering 2,560,976 shares (prior to the Reverse Stock Split, which is equal to 116,408 shares post Reverse Stock Split).

F5 · derivative.expiration_date: 1/3 of the shares associated with the RSU vest on January 1, 2022, with the balance of shares associated with the RSU vesting in 24 equal monthly installments thereafter (in full shares, rounded as necessary)

F6 · derivative.expiration_date: The RSU was previously reported as covering 2,560,976 shares (prior to the Reverse Stock Split, which is equal to 116,408 shares post Reverse Stock Split).

SEC source: 0001493152-22-024909 · ownership.xml · nonDerivative · entry 3

Kraft Andrew Q. · CIK 0001844380 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 48,177

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."

F2 · security: 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, and all exercise prices of derivative securities, have been adjusted to reflect the effect of the Reverse Stock Split (even if the listed transaction occurred before the effective date of the Reverse Stock Split). The first row of Column 5 in Table I applies a correction to account for the Reverse Split impact not applied on a previous filing.

F3 · price: The Reporting Person acquired the shares of Common Stock pursuant to vested shares that were originally granted in a Restricted Stock Unit ("RSU") grant dated 2/18/2021. 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, and all exercise prices of derivative securities, have been adjusted to reflect the effect of the Reverse Stock Split (even if the listed transaction occurred before the effective date of the Reverse Stock Split). The first row of Column 5 in Table I applies a correction to account for the Reverse Split impact not applied on a previous filing.

SEC source: 0001493152-22-025229 · ownership.xml · derivative · entry 21

Edmondson Paul Taylor · CIK 0001754097 · President, Platform

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 94,856

Underlying: Common Stock · 4,311 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: The Reporting Person acquired the shares of Common Stock pursuant to the issuance of vested shares that were originally granted in a Restricted Stock Unit ("RSU") grant dated 2/18/2021. Each RSU represents a contingent right to receive 1 share of the Issuer's common stock.

F14 · derivative.exercise_date: 1/3 of the shares associated with the RSU vest on January 1, 2022, with the balance of shares associated with the RSU vesting in 24 equal monthly installments thereafter (in full shares, rounded as necessary)

F15 · derivative.exercise_date: The RSU was previously reported as covering 3,414,634 shares (prior to the Reverse Stock Split, which is equal to 155,211 shares post Reverse Stock Split).

F14 · derivative.expiration_date: 1/3 of the shares associated with the RSU vest on January 1, 2022, with the balance of shares associated with the RSU vesting in 24 equal monthly installments thereafter (in full shares, rounded as necessary)

F15 · derivative.expiration_date: The RSU was previously reported as covering 3,414,634 shares (prior to the Reverse Stock Split, which is equal to 155,211 shares post Reverse Stock Split).

SEC source: 0001493152-22-025229 · ownership.xml · nonDerivative · entry 7

Edmondson Paul Taylor · CIK 0001754097 · President, Platform

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 67,701

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."

F2 · security: 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, and all exercise prices of derivative securities, have been adjusted to reflect the effect of the Reverse Stock Split (even if the listed transaction occurred before the effective date of the Reverse Stock Split). On Table I, the number of shares in Columns 4 and 5 on the second and third rows reflects previously filed transactions that now show their reverse split-adjusted amounts, and Column 5 is corrected to reflect the transaction on the first row of this Form 4 occurring prior to those transactions.

F3 · price: The Reporting Person acquired the shares of Common Stock pursuant to the issuance of vested shares that were originally granted in a Restricted Stock Unit ("RSU") grant dated 2/18/2021. 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, and all exercise prices of derivative securities, have been adjusted to reflect the effect of the Reverse Stock Split (even if the listed transaction occurred before the effective date of the Reverse Stock Split). On Table I, the number of shares in Columns 4 and 5 on the second and third rows reflects previously filed transactions that now show their reverse split-adjusted amounts, and Column 5 is corrected to reflect the transaction on the first row of this Form 4 occurring prior to those transactions.

SEC source: 0001493152-22-025223 · ownership.xml · derivative · entry 13

Smith Douglas Baker · CIK 0001844076 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 71,141

Underlying: Common Stock · 3,234 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: The Reporting Person acquired the shares of Common Stock pursuant to vested shares that were originally granted in a Restricted Stock Unit ("RSU") grant dated 2/18/2021. Each RSU represents a contingent right to receive 1 share of the Issuer's common stock.

F5 · derivative.exercise_date: 1/3 of the shares associated with the RSU vest on January 1, 2022, with the balance of shares associated with the RSU vesting in 24 equal monthly installments thereafter (in full shares, rounded as necessary)

F6 · derivative.exercise_date: The RSU was previously reported as covering 2,560,976 shares (prior to the Reverse Stock Split, which is equal to 116,408 shares post Reverse Stock Split).

F5 · derivative.expiration_date: 1/3 of the shares associated with the RSU vest on January 1, 2022, with the balance of shares associated with the RSU vesting in 24 equal monthly installments thereafter (in full shares, rounded as necessary)

F6 · derivative.expiration_date: The RSU was previously reported as covering 2,560,976 shares (prior to the Reverse Stock Split, which is equal to 116,408 shares post Reverse Stock Split).

SEC source: 0001493152-22-025223 · ownership.xml · nonDerivative · entry 3

Smith Douglas Baker · CIK 0001844076 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 47,540

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."

F2 · security: 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, and all exercise prices of derivative securities, have been adjusted to reflect the effect of the Reverse Stock Split (even if the listed transaction occurred before the effective date of the Reverse Stock Split).

F3 · price: The Reporting Person acquired the shares of Common Stock pursuant to vested shares that were originally granted in a Restricted Stock Unit ("RSU") grant dated 2/18/2021. 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, and all exercise prices of derivative securities, have been adjusted to reflect the effect of the Reverse Stock Split (even if the listed transaction occurred before the effective date of the Reverse Stock Split).

SEC source: 0001213900-22-009757 · 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: Not disclosed

Ownership: Direct

Disclosed balance after: 1,160,138

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

SEC source: 0001213900-22-009757 · 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: Not disclosed

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

Disclosed balance after: 1,028,444

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: 0001213900-22-009757 · 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: Not disclosed

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

Disclosed balance after: 1,028,044

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: 0001213900-22-009067 · 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: Not disclosed

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

Disclosed balance after: 1,025,996

F6 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $8.00 to $8.15, inclusive. The Reporting Persons 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: 0001213900-22-009067 · 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: Not disclosed

Ownership: Direct

Disclosed balance after: 1,159,938

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

SEC source: 0001213900-22-009067 · 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: Not disclosed

Ownership: Direct

Disclosed balance after: 1,147,037

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

SEC source: 0001213900-22-009067 · 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: Not disclosed

Ownership: Direct

Disclosed balance after: 1,069,520

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

SEC source: 0001213900-22-009067 · 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: Not disclosed

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

Disclosed balance after: 978,044

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: 0001493152-22-020866 · ownership.xml · derivative · entry 8

Barrett Henry Robertson · CIK 0001847318 · President, Media

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 90,914

Underlying: Common Stock · 45,450 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: The Reporting Person acquired the shares of Common Stock pursuant to vested shares that were originally granted in a Restricted Stock Unit ("RSU") grant dated 2/18/2021. Each RSU represents a contingent right to receive 1 share of the Issuer's common stock.

F5 · derivative.exercise_date: 1/3 of the shares associated with the RSU vest on February 18, 2022, with the balance of shares associated with the RSU vesting in 24 equal monthly installments thereafter (in full shares, rounded as necessary)

F6 · derivative.exercise_date: The RSU was previously reported as covering 3,000,000 shares (prior to the Reverse Stock Split, which is equal to 136,364 shares post Reverse Stock Split).

F5 · derivative.expiration_date: 1/3 of the shares associated with the RSU vest on February 18, 2022, with the balance of shares associated with the RSU vesting in 24 equal monthly installments thereafter (in full shares, rounded as necessary)

F6 · derivative.expiration_date: The RSU was previously reported as covering 3,000,000 shares (prior to the Reverse Stock Split, which is equal to 136,364 shares post Reverse Stock Split).

SEC source: 0001493152-22-020866 · ownership.xml · nonDerivative · entry 1

Barrett Henry Robertson · CIK 0001847318 · President, Media

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 45,450

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."

F2 · security: 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, and all exercise prices of derivative securities, have been adjusted to reflect the effect of the Reverse Stock Split (even if the listed transaction occurred before the effective date of the Reverse Stock Split).

F3 · price: The Reporting Person acquired the shares of Common Stock pursuant to vested shares that were originally granted in a Restricted Stock Unit ("RSU") grant dated 2/18/2021. 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, and all exercise prices of derivative securities, have been adjusted to reflect the effect of the Reverse Stock Split (even if the listed transaction occurred before the effective date of the Reverse Stock Split).

SEC source: 0001213900-22-008457 · 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: Not disclosed

Ownership: Direct

Disclosed balance after: 1,022,099

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

SEC source: 0001213900-22-008457 · 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: Not disclosed

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

Disclosed balance after: 15,500

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: 0001213900-22-008457 · 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: Not disclosed

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

Disclosed balance after: 15,500

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: 0001213900-22-008457 · 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: Not disclosed

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

Disclosed balance after: 15,500

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: 0001213900-22-008457 · 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: Not disclosed

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

Disclosed balance after: 15,500

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: 0001213900-22-008457 · 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: Not disclosed

Ownership: Direct

Disclosed balance after: 963,346

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

SEC source: 0001213900-22-007977 · 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: Not disclosed

Ownership: Direct

Disclosed balance after: 959,938

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

SEC source: 0001213900-22-007977 · 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: Not disclosed

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

Disclosed balance after: 968,044

F5 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in the secondary market in multiple transactions at prices ranging from $8.15 to $8.20, inclusive. The Reporting Persons 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.