The Arena Group, a group media network that operates an online publishing platform, announced terms for its NYSE American uplisting on Monday.
The New York, NY-based company plans to raise $30 million by offering 2.4 million shares at a price of $12.65, the as-converted January 26 close of its shares on the OTCQX (MVEN). At the proposed price, The Arena Group would command a fully diluted market value of $250 million.
The Arena Group focuses on leveraging its platform and brands in targeted verticals to maximize its audience, improve engagement, and optimize monetization of digital publishing assets. The company operates the media businesses for Sports Illustrated, owns and operates TheStreet and College Spun Media, and powers more than 200 independent publisher partners. Formerly known as theMaven, the company rebranded to The Arena Group in September 2021.
The Arena Group was founded in 1990 and booked $170 million in revenue for the 12 months ended September 30, 2021. It plans to list on the NYSE American under the symbol AREN. B. Riley Securities is the sole bookrunner on the deal. It is expected to during the week of January 31, 2022.
