On January 19, 2024, The Arena Group Holdings, Inc. received email correspondence from Ross Levinsohn tendering his resignation (the Resignation Email") as a member of the Board of Directors (the Board") of the Company. Mr. Levinsohn's resignation was accepted by the Company on January 19, 2024. On January 23, 2024, the Board appointed Jason Frankl as interim President of the Company, effective immediately.

Mr. Frankl, 50, has served as Chief Business Transformation Officer of the Company since January 5, 2024. He has served as Senior Managing Director at FTI Consulting, a global business advisory firm, since March 2004. On January 23, 2024, the Board appointed Cavitt Randall as Chairman of the Board, effective immediately.

In addition, the Board, in connection with its regular assessment of skills and experience of the members of the Board, approved the reconstitution of the Audit Committee, Compensation Committee, Nominating and Corporate Governance Committee and Special Finance and Governance Committee of the Board. Effective immediately, (i) the Audit Committee shall consist of Laura Lee (chair), Christopher Petzel and Carlo Zola; (ii) the Compensation Committee shall consist of Hunt Allred (chair), Christopher Petzel and Laura Lee; (iii) the Nominating and Corporate Governance Committee shall consist of Carlo Zola (chair), Christopher Petzel and Hunt Allred; and (iv) the Special Transaction Committee shall consist of Christopher Petzel (chair) and Hunt Allred.