AREN · Arena Group Holdings, Inc.

Shares forfeited pursuant to tax withholding.

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

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

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

Shares forfeited pursuant to tax withholding.

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

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

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

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

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

Shares forfeited pursuant to tax withholding.

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

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

Shares forfeited pursuant to tax withholding.

Private sales of shares using VWAP pricing

Private acquisition of shares using VWAP pricing

Private acquisition of shares using VWAP pricing

Private acquisition of shares using VWAP pricing

Private acquisition of shares using VWAP pricing

Shares forfeited pursuant to tax withholding.

Shares forfeited pursuant to tax withholding.

Shares forfeited pursuant to tax withholding.

Shares forfeited pursuant to tax withholding.

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

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

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

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

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

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

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

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

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

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

Represents shares held directly by Bryant R. Riley.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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

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

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

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

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.