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    SEC Form SC 13G/A filed by The Arena Group Holdings Inc. (Amendment)

    2/14/23 4:00:55 PM ET
    $AREN
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    SC 13G/A 1 aren-13gx2x14x23.htm SC 13G/A Document


    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. 1)*

    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, 2022
    (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
    1NAME OF REPORTING PERSONS:

    180 Degree Capital Corp.
    2CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
    (a) (b)
    3SEC USE ONLY
    4CITIZENSHIP OR PLACE OF ORGANIZATION

    New York
     
    NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
    5SOLE VOTING POWER

    0
    6SHARED VOTING POWER
    1,150,495 shares (1)
    7SOLE DISPOSITIVE POWER

    0
    8SHARED DISPOSITIVE POWER
    1,150,495 shares (1)
    9AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
    1,150,495 shares (1)
    10CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
    11PERCENT OF CLASS REPRESENTED IN ROW (9)
    6.3% (2)
    12TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

    IV, IA
    (1)180 Degree Capital Corp. ("180") disclaims beneficial ownership of 382,626 of these shares that are beneficially owned by separately managed account ("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) 18,245,040 shares of common stock, par value $0.01 (the “Common Stock” or “Shares”), of Arena Group Holdings, Inc. (the “Issuer”) outstanding as of November 7, 2022 as reported in the Issuer’s Form 10-Q filed with the Securities and Exchange Commission (the “SEC”) on November 9, 2022 (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

    (c) Citizenship/State of Organization:

    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).

    (c)    ☐ Insurance company as defined in section 3(a)(19) 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, 2023

    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.
    NamePosition and Present Principal OccupationPrincipal Business AddressCitizenship
    Kevin M. RendinoChairman of the Board of Directors and Chief Executive Officer7 N. Willow Street, Suite 4B, Montclair, NJ 07042USA
    Daniel B. WolfeDirector, President, Chief Financial Officer and
    Chief Compliance Officer
    7 N. Willow Street, Suite 4B, Montclair, NJ 07042USA
    Alicia M. GiftSenior Controller and Secretary7 N. Willow Street, Suite 4B, Montclair, NJ 07042USA
    Robert E. Bigelow, IIIVice President of Fund Development7 N. Willow Street, Suite 4B, Montclair, NJ 07042USA
    Stacy R. BrandomIndependent Directorc/o 180 Degree Capital Corp.
    7 N. Willow Street, Suite 4B, Montclair, NJ 07042
    USA
    Tonia L. PankopfIndependent Directorc/o 180 Degree Capital Corp.
    7 N. Willow Street, Suite 4B, Montclair, NJ 07042
    USA
    Richard P. ShanleyIndependent Directorc/o 180 Degree Capital Corp.
    7 N. Willow Street, Suite 4B, Montclair, NJ 07042
    USA
    Parker A. WeilIndependent Directorc/o 180 Degree Capital Corp.
    7 N. Willow Street, Suite 4B, Montclair, NJ 07042
    USA

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