NEW YORK – The Arena Group Holdings, Inc. (NYSE American: AREN), a technology platform and media company with a market capitalization of approximately $60 million, announced that its plan to regain compliance with NYSE American’s listing standards has been accepted. The notification, received on December 20, 2024, marks a positive step for the company, which is known for owning media brands such as TheStreet and Parade Media. According to InvestingPro data, the company has shown strong revenue growth of 45% over the last twelve months, despite facing operational challenges.
The Arena Group was mandated to submit a detailed compliance plan by November 1, 2024, to address the NYSE American’s continued listing standards, specifically Sections 1003(a)(i), 1003(a)(ii), and 1003(a)(iii). The company met this deadline, and the acceptance of its plan grants them until April 2, 2026, to achieve full compliance. During this period, the company will undergo quarterly reviews to ensure adherence to the plan. InvestingPro analysis reveals 12 additional key insights about the company’s financial health and market position, available to subscribers.
The acceptance of the compliance plan does not immediately affect the company’s stock listing or trading on the NYSE American, nor its business operations or SEC reporting requirements. The company has expressed its intention to regain compliance within the set timeframe.
The Arena Group aggregates content across various media brands, reaching over 100 million users monthly. It provides creators and publishers with tools to publish and monetize their content, leveraging the journalism of anchor brands to build their businesses.
This development is based on a press release statement and does not affect the company’s listing or trading on the NYSE American nor its business operations.
In other recent news, Arena Group Holdings, Inc. has reported strong earnings and revenue results. The company has also seen significant changes in its board of directors, as revealed in a recent SEC filing. H. Hunt Allred, Laura Lee, Christopher Petzel, Cavitt Randall, Christopher Fowler, and Carlo Zola were elected as directors, while KPMG LLP was ratified as the independent auditor for the fiscal year ending December 31, 2024.
In addition, Arena Group has appointed Geoffrey Wait as its new Principal Financial (NASDAQ:) Officer and Sara Silverstein as its new CEO. The company has also extended the due dates for certain interest payments and the completion date for a business combination with Simplify Inventions, LLC.
Despite facing a non-compliance notice from the NYSE American for not meeting minimum stockholders’ equity requirements, Arena Group has expressed its intention to comply and is required to submit a plan outlining actions to regain compliance by November 1, 2024. Amid these developments, Arena Group is currently in a legal dispute with Authentic Brands Group and Minute Media over alleged theft of proprietary code technology. These are the recent developments for Arena Group.
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