# EDGAR Filing Document

**Accession Number:** 0001464790
**File Stem:** 0001213900-23-025026
**Filing Date:** 2023-3
**Character Count:** 16248
**Document Hash:** 6123894f83901d6c57769d0757a2022f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-23-025026.hdr.sgml**: 20230331

**ACCESSION NUMBER**: 0001213900-23-025026

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20230331

**FILED AS OF DATE**: 20230331

**DATE AS OF CHANGE**: 20230331

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** B. Riley Financial, Inc.
- **CENTRAL INDEX KEY:** 0001464790
- **STANDARD INDUSTRIAL CLASSIFICATION:** INVESTMENT ADVICE [6282]
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-12471
- **FILM NUMBER:** 23783629

**BUSINESS ADDRESS:**
- **STREET 1:** 11100 SANTA MONICA BLVD
- **STREET 2:** SUITE 800
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90025
- **BUSINESS PHONE:** 818-884-3737

**MAIL ADDRESS:**
- **STREET 1:** 11100 SANTA MONICA BLVD
- **STREET 2:** SUITE 800
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90025

**FORMER NAME:**
- **FORMER CONFORMED NAME:** Great American Group, Inc.
- **DATE OF NAME CHANGE:** 20090522
**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** RILEY BRYANT R
- **CENTRAL INDEX KEY:** 0001207269

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-12471
- **FILM NUMBER:** 23783625

**MAIL ADDRESS:**
- **STREET 1:** C/O B. RILEY FINANCIAL, INC.
- **STREET 2:** 21255 BURBANK BLVD, SUITE 400
- **CITY:** WOODLAND HILLS
- **STATE:** CA
- **ZIP:** 91367
**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** BRF Investments, LLC
- **CENTRAL INDEX KEY:** 0001880803
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-12471
- **FILM NUMBER:** 23783626

**BUSINESS ADDRESS:**
- **STREET 1:** 11100 SANTA MONICA BLVD.
- **STREET 2:** SUITE 800
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90025
- **BUSINESS PHONE:** 818-884-3737

**MAIL ADDRESS:**
- **STREET 1:** 11100 SANTA MONICA BLVD.
- **STREET 2:** SUITE 800
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90025
**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** B. Riley Securities, Inc.
- **CENTRAL INDEX KEY:** 0001505748
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-12471
- **FILM NUMBER:** 23783628

**BUSINESS ADDRESS:**
- **STREET 1:** 11100 SANTA MONICA BLVD
- **STREET 2:** SUITE 800
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90025
- **BUSINESS PHONE:** 310-966-1444

**MAIL ADDRESS:**
- **STREET 1:** 11100 SANTA MONICA BLVD
- **STREET 2:** SUITE 800
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90025

**FORMER NAME:**
- **FORMER CONFORMED NAME:** B. Riley FBR, Inc.
- **DATE OF NAME CHANGE:** 20180830

**FORMER NAME:**
- **FORMER CONFORMED NAME:** FBR Capital Markets & Co
- **DATE OF NAME CHANGE:** 20101115
**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** B. RILEY PRINCIPAL INVESTMENTS, LLC
- **CENTRAL INDEX KEY:** 0001776226
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-12471
- **FILM NUMBER:** 23783627

**BUSINESS ADDRESS:**
- **STREET 1:** 11100 SANTA MONICA BLVD.
- **STREET 2:** SUITE 800
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90025
- **BUSINESS PHONE:** 818-884-3737

**MAIL ADDRESS:**
- **STREET 1:** 11100 SANTA MONICA BLVD.
- **STREET 2:** SUITE 800
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90025
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Arena Group Holdings, Inc.
- **CENTRAL INDEX KEY:** 0000894871
- **STANDARD INDUSTRIAL CLASSIFICATION:** CABLE & OTHER PAY TELEVISION SERVICES [4841]
- **IRS NUMBER:** 680232575
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**BUSINESS ADDRESS:**
- **STREET 1:** 200 VESEY STREET
- **STREET 2:** 24TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10281
- **BUSINESS PHONE:** 212 321 5002

**MAIL ADDRESS:**
- **STREET 1:** 200 VESEY STREET
- **STREET 2:** 24TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10281

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** theMaven, Inc.
- **DATE OF NAME CHANGE:** 20161228

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** THEMAVEN, INC.
- **DATE OF NAME CHANGE:** 20161209

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** INTEGRATED SURGICAL SYSTEMS INC
- **DATE OF NAME CHANGE:** 19960725

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

[ ] Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>B. Riley Financial, Inc.<br><sub>(Last) (First) (Middle)</sub><br>11100 SANTA MONICA BLVD.,<br>SUITE 800<br><sub>(Street)</sub><br>LOS ANGELES, CA 90025<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2023-03-31 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [X] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>Arena Group Holdings, Inc. [ AREN ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>B. Riley Securities, Inc.<br><sub>(Last) (First) (Middle)</sub><br>11100 SANTA MONICA BLVD.,<br>SUITE 800<br><sub>(Street)</sub><br>LOS ANGELES, CA 90025<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2023-03-31 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [X] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>Arena Group Holdings, Inc. [ AREN ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>B. RILEY PRINCIPAL INVESTMENTS, LLC<br><sub>(Last) (First) (Middle)</sub><br>11100 SANTA MONICA BLVD.,<br>SUITE 800<br><sub>(Street)</sub><br>LOS ANGELES, CA 90025<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2023-03-31 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [X] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>Arena Group Holdings, Inc. [ AREN ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>BRF Investments, LLC<br><sub>(Last) (First) (Middle)</sub><br>11100 SANTA MONICA BLVD.,<br>SUITE 800<br><sub>(Street)</sub><br>LOS ANGELES, CA 90025<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2023-03-31 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [X] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>Arena Group Holdings, Inc. [ AREN ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>RILEY BRYANT R<br><sub>(Last) (First) (Middle)</sub><br>11100 SANTA MONICA BLVD.,<br>SUITE 800<br><sub>(Street)</sub><br>LOS ANGELES, CA 90025<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2023-03-31 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [X] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>Arena Group Holdings, Inc. [ AREN ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Common Stock, par value $0.01 per share | 2023-03-31 |  | P |  | 805412 | A | $3.88 | 1964673 | I | By B. Riley Securities, Inc.<sup>(1)(2)(3)</sup> |
| Common Stock, par value $0.01 per share | 2023-03-31 |  | P |  | 170104 | A | $3.88 | 1378715 | D<sup>(4)</sup> |  |
| Common Stock, par value $0.01 per share | 2023-03-31 |  | P |  | 10309 | A | $3.88 | 25809 | I | By Bryant R. Riley, as UTMA custodian for Charlie Riley<sup>(1)(3)</sup> |
| Common Stock, par value $0.01 per share | 2023-03-31 |  | P |  | 7732 | A | $3.88 | 23232 | I | By Bryant R. Riley, as UTMA custodian for Eloise Riley<sup>(1)(3)</sup> |
| Common Stock, par value $0.01 per share | 2023-03-31 |  | P |  | 7732 | A | $3.88 | 23232 | I | By Bryant R. Riley, as UTMA custodian for Susan Riley<sup>(1)(3)</sup> |
| Common Stock, par value $0.01 per share | 2023-03-31 |  | P |  | 7732 | A | $3.88 | 23232 | I | By Bryant R. Riley, as UTMA custodian for Abigail Riley<sup>(1)(3)</sup> |
| Common Stock, par value $0.01 per share |  |  |  |  |  |  |  | 3433532 | I | By BRF Investments, LLC<sup>(1)(2)(3)</sup> |
| Common Stock, par value $0.01 per share |  |  |  |  |  |  |  | 14162 | I | By B. Riley Principal Investments, LLC<sup>(1)(2)(3)</sup> |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| Series H Preferred Stock, par value $0.01 per share | $0.33 |  |  |  |  |  |  | 2020-08-19 | <sup>(5)</sup> | Common Stock, par value $0.01 per share | <sup>(5)</sup> |  | 110 | I | By B. Riley Principal Investments, LLC<sup>(1)(2)(3)</sup> |
| Series H Preferred Stock, par value $0.01 per share | $0.33 |  |  |  |  |  |  | 2021-08-19 | <sup>(5)</sup> | Common Stock, par value $0.01 per share | <sup>(5)</sup> |  | 865 | I | By BRF Investments, LLC<sup>(1)(2)(3)</sup> |

---

### Footnotes:

(1) 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.

(2) 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.

(3) 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.

(4) Represents shares held directly by Bryant R. Riley.

(5) Subject to the conversion limitation described in the next sentence, the reported security is convertible into common stock of the Issuer at any time, and has no expiration date, but is subject to mandatory conversion on the fifth anniversary of the issuance date. The reported security is subject to a conversion limitation that prohibits the Issuer from effecting a conversion of the reported security into common stock if giving effect to the conversion would cause the holder to beneficially own (together with its affiliates or any "group" members) in excess of 4.99% of the common stock (or, upon notice by the holder, in excess of 9.99% of the common stock).

**Signature:** B. Riley Financial, Inc., by: /s/ Bryant R. Riley, Co-Chief Executive Officer  
**Date:** 2023-03-31

**Signature:** B. Riley Securities, Inc. by: /s/ Andrew Moore, Chief Executive Officer  
**Date:** 2023-03-31

**Signature:** B. Riley Principal Investments, LLC by: /s/ Kenneth Young, Chief Executive Officer  
**Date:** 2023-03-31

**Signature:** BRF Investments, LLC., by: /s/ Phillip Ahn, Authorized Signatory  
**Date:** 2023-03-31

**Signature:** /s/ Bryant R. Riley  
**Date:** 2023-03-31

### Remarks:

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

**Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.**