Brief: The Arena Group Signs Binding Loi To Combine With Bridge Media Networks

Paradium.AI

14/08/2023 21:54

Aug 14 (Reuters) - Arena Group Holdings Inc  AREN.A :
    * THE ARENA GROUP SIGNS BINDING LOI TO COMBINE WITH BRIDGE
MEDIA
NETWORKS, CREATING DIVERSIFIED MEDIA LEADER
    * ARENA GROUP HOLDINGS INC - AS PART OF TRANSACTION, ARENA
GROUP
WILL RECEIVE A $50 MILLION CASH INVESTMENT
    * ARENA GROUP HOLDINGS - AS CONSIDERATION, SIMPLIFY WILL
RECEIVE
$25 MILLION OF PREFERRED STOCK AT A 10% NON-CASH PAYMENT-IN-KIND
COUPON
    * ARENA GROUP HOLDINGS INC - INTENDS TO USE A PORTION OF
CASH FROM
DEAL TO REDUCE ITS DEBT BY $20 MILLION FROM CURRENT LEVELS
    * ARENA GROUP HOLDINGS INC - ANTICIPATES THAT INTEGRATION OF
RESPECTIVE BUSINESSES WILL BE COMPLETED IN EARLY 2024

Source text for Eikon:  ID:nBwbfpKG3a 
Further company coverage:  AREN.A 

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