The Arena Group, a media holding company operating Sports Illustrated, TheStreet, and other brands, raised $30 million by offering 3.6 million shares at $8.25, below the last close of its shares on the NYSE American ($9.20). The company offered 1.2 million more shares than anticipated.
Previously listed on the OTC, the company completed its uplisting and commenced trading on Wednesday.
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 plans to list on the NYSE American under the symbol AREN. B. Riley Securities acted as sole bookrunner on the deal.
