Sports Illustrated owner The Arena Group uplists to NYSE; shares close down 8% after halting

Feb. 09, 2022 5:07 PM ETThe Arena Group Holdings, Inc. (AREN)By: Val Kennedy, SA News Editor

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  • Shares of The Arena Group Holdings (AREN), owner of Sports Illustrated and TheStreet, closed down 8% after a turbulent first day on the NYSE following an uplisting from the OTC market, a 1-for-22 reverse stock split, and a 2.4M share public offering.
  • The media group’s shares closed at $8.50, off 8% for the session, after being briefly halted at 3:56 p.m. ET at $7.83, down 15.3%. Shares had opened at $9.50, hitting a session high of $10 before sliding downward in afternoon trading to reach a low of $7.50.
  • In conjunction with the uplisting, the company had also filed to raised up to $34.5M by offering 2.4M shares.
  • The Arena Group recently changed its name from TheMaven. The company had said it was conducting the stock split to meet NYSE’s minimum price requirements.
  • Seeking Alpha is a competitor of The Arena Group's TheStreet.com.

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