Brief: Arena Group Holdings Says It Estimates To Incur About $5 Mln - $7 Mln In Total Restructuring Charges

Paradium.AI

19/01/2024 18:11

Jan 19 (Reuters) - Arena Group Holdings Inc  AREN.A :
    * ARENA GROUP HOLDINGS INC - COMPANY ESTIMATES THAT IT WILL
INCUR
APPROXIMATELY $5 MILLION TO $7 MILLION IN TOTAL RESTRUCTURING
CHARGES
    * ARENA GROUP HOLDINGS INC: EXPECTS TO EXECUTE PLAN AND
RECOGNIZE
SUBSTANTIALLY ALL OF THESE CHARGES IN FIRST TWO QUARTERS OF 2024
    * ARENA GROUP HOLDINGS INC: ON JAN 18, ABG-SI LLC NOTIFIED
CO OF
INTENTION TO TERMINATE LICENSING AGREEMENT, DATED JUNE 14, 2019,
EFFECTIVE IMMEDIATELY
    * ARENA GROUP HOLDINGS INC - UPON SUCH TERMINATION, A FEE OF
$45
MILLION BECAME IMMEDIATELY DUE AND PAYABLE BY COMPANY TO ABG
    * ARENA GROUP HOLDINGS INC - IS ENGAGING IN CONTINUING
DISCUSSIONS
WITH ABG REGARDING LICENSING AGREEMENT

Source text for Eikon:  ID:n0001493152-24-003019 
Further company coverage:  AREN.A 

 ((Reuters.Briefs@thomsonreuters.com;))