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Filing Details

Accession Number:: 0000893739-24-000017
Form Type:: 13G Filing
Publication Date:: 2024-02-13 19:00:00

Filed By:: 180 Degree Capital Corp. /ny/
Company:: Arena Group Holdings Inc. (OTCMKTS:AREN)
Filing Date:: 2024-02-14
SEC Url:: 13G Filing

Ownership Summary

Please notice the below summary table is generated without human intervention and may contain errors. Please refer to the complete filing displayed below for exact figures.

Name	Sole Voting Power	Shared Voting Power	Sole Dispositive Power	Shared Dispositive Power	Aggregate Amount Owned Power	Percent of Class
180 Degree Capital Corp	0	1,394,349	0	1,394,349	1,394,349

Filing

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

SCHEDULE 13G

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT

TO RULES 13d –1(b), (c), AND (d) AND AMENDMENTS THERETO FILED

PURSUANT TO RULE 13d–2.

(Amendment No. 2)*

ARENA GROUP HOLDINGS, INC.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

040044109

(CUSIP Number)

180 Degree Capital Corp.

7 N. Willow Street, Suite 4B

Montclair, New Jersey 07042

Attention: Daniel B. Wolfe

Telephone: 973-746-4500

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

December 31, 2023

(Date of Event which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

☒ Rule 13d-1(b)

☐ Rule 13d-1(c)

☐ Rule 13d-1(d)

*The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

CUSIP No. 040044109


1	NAME OF REPORTING PERSONS: 180 Degree Capital Corp.
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) (b)
3	SEC USE ONLY
4	CITIZENSHIP OR PLACE OF ORGANIZATION New York
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH		5	SOLE VOTING POWER 0
		6	SHARED VOTING POWER
			1,394,349 shares (1)
		7	SOLE DISPOSITIVE POWER 0
		8	SHARED DISPOSITIVE POWER
			1,394,349 shares (1)
9	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
	1,394,349 shares (1)
10	CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
11	PERCENT OF CLASS REPRESENTED IN ROW (9)
	5.9% (2)
12	TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) IV, IA

(1)180 Degree Capital Corp. ("180") disclaims beneficial ownership of 403,157 of these shares that are beneficially owned by separately managed accounts ("SMAs"). 180 has shared dispositive and voting power over these shares through its position as Investment Manager of the SMAs. 180 disclaims beneficial ownership of the shares owned by the SMA except for its pecuniary interest therein.

(2)Percent of class is calculated based on (i) 23,834,891 shares of common stock, par value $0.01 (the “Common Stock” or “Shares”), of Arena Group Holdings, Inc. (the “Issuer”) outstanding as of November 10, 2023 as reported in the Issuer’s Form 10-Q filed with the Securities and Exchange Commission (the “SEC”) on November 14, 2023 (the “Form 10-Q”).

CUSIP No. 040044109

Item 1.

(a) Name of Issuer:

Arena Group Holdings, Inc., a Delaware corporation

(b) Address of Issuer's Principal Executive Offices:

200 Vesey Street, 24th Floor, New York, New York 10281

Item 2.

(a) Name of person filing:

180 Degree Capital Corp.

(b) Address or principal business office or, if non, residence:

7 N. Willow Street, Suite 4B

Montclair, NJ 07042

180 Degree Capital Corp. - New York

(d) Title of class of securities:

Common Stock

(e) CUSIP No.:

040044109

Item 3. If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:

(a) ☐ Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).

(b) ☐ Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).

(d) ☒ Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C 80a-8).

(e) ☒ An investment adviser in accordance with section 240.13d-1(b)(1)(ii)(E);

(f) ☐ An employee benefit plan or endowment fund in accordance with section 240.13d-1(b)(1)(ii)(F);

(g) ☐ A parent holding company or control person in accordance with section 240.13d-1(b)(1)(ii)(G);

(h) ☐ A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

(i) ☐ A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the

Investment Company Act of 1940 (15 U.S.C. 80a-3);

(j) ☐ Group, in accordance with Section 240.13d-1(b)(1)(ii)(J).

Item 4. Ownership.

Reference is hereby made to Items 5-9 and 11 of page 2 of this Schedule, which Items are incorporate by reference herein.

Item 5. Ownership of Five Percent or Less of a Class

If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following o.

Not applicable.

Item 6. Ownership of More than Five Percent on Behalf of Another Person

Not applicable.

Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company or Control Person

Not applicable.

Item 8. Identification and Classification of Members of the Group

Not applicable.

Item 9. Notice of Dissolution of Group

Not applicable.

Item 10. Certification

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

SIGNATURE

After reasonable inquiry and to the best of its knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

Dated: February 14, 2024

180 DEGREE CAPITAL CORP.

By: /s/ Daniel B. Wolfe

Name: Daniel B. Wolfe

Title: President

SCHEDULE A

Directors and Executive Officers of 180 Degree Capital Corp.

Name

Position and Present Principal Occupation

Principal Business Address

Citizenship

Kevin M. Rendino

Chairman of the Board of Directors and Chief Executive Officer

7 N. Willow Street, Suite 4B, Montclair, NJ 07042

USA

Daniel B. Wolfe

Director, President, Chief Financial Officer and
Chief Compliance Officer

7 N. Willow Street, Suite 4B, Montclair, NJ 07042

USA

Alicia M. Gift

Senior Controller and Secretary

7 N. Willow Street, Suite 4B, Montclair, NJ 07042

USA

Robert E. Bigelow, III

Vice President of Fund Development

7 N. Willow Street, Suite 4B, Montclair, NJ 07042

USA

Stacy R. Brandom

Independent Director

c/o 180 Degree Capital Corp.
7 N. Willow Street, Suite 4B, Montclair, NJ 07042

USA

Richard P. Shanley

Independent Director

c/o 180 Degree Capital Corp.
7 N. Willow Street, Suite 4B, Montclair, NJ 07042

USA

Parker A. Weil

Independent Director

c/o 180 Degree Capital Corp.
7 N. Willow Street, Suite 4B, Montclair, NJ 07042

USA