The Arena Group, a media holding company operating Sports Illustrated, TheStreet, and other brands, completed its uplisting from the OTC to the NYSE American on Wednesday. The company's shares opened for trading at $9.50. It is expected to price a firm commitment offering this week. Arena is on file to offer 2.4 million shares, which would result in a capital raise of about $22.5 million were it to price at today's opening price, with a fully diluted market cap of nearly $190 million.
In connection with the uplisting, The Arena Group also changed its name and ticker from theMaven (MVEN), and completed its previously disclosed reverse stock split.
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.
The Arena Group is now listed on the NYSE American under the symbol AREN. B. Riley Securities is acting as sole bookrunner on the deal.
