Brief: The Arena Group to Combine with Bridge Media Networks

Paradium.AI

06/11/2023 13:04

Nov 6 (Reuters) - Arena Group Holdings Inc  AREN.A :
    * THE ARENA GROUP SIGNS DEFINITIVE AGREEMENT TO COMBINE WITH
BRIDGE MEDIA NETWORKS
    * ARENA GROUP: ARENA GROUP STOCKHOLDERS WILL RECEIVE ONE
SHARE OF
COMMON STOCK OF NEW ARENA FOR EACH SHARE OF ARENA GROUP COMMON
STOCK THEY OWN.
    * ARENA GROUP HOLDINGS INC -  5-HOUR INTERNATIONAL
CORPORATION
PTE. LTD. WILL PURCHASE $25 MILLION OF COMMON STOCK OF COMBINED
COMPANY
    * ARENA GROUP HOLDINGS INC -  THE HANS FOUNDATION, USA WILL
PURCHASE $25 MILLION OF PREFERRED STOCK OF NEW ARENA
    * ARENA GROUP: IMMEDIATELY FOLLOWING PROPOSED DEAL, SIMPLIFY
AND
5-HOUR ARE EXPECTED TO HOLD 65% OF ALL OUTSTANDING SHARES OF NEW
ARENA COMMON STOCK
    * ARENA GROUP HOLDINGS INC - UPON COMPLETION OF TRANSACTION,
NEW
ARENA IS EXPECTED TO TRADE ON NYSE AMERICAN UNDER TICKER SYMBOL
AREN
    * ARENA GROUP HOLDINGS INC: ARENA GROUP INTENDS TO USE A
PORTION
OF CASH PROCEEDS TO REDUCE ITS DEBT BY $26 MILLION FROM CURRENT
LEVELS.

Source text for Eikon:  ID:nBw8mqZsVa 
Further company coverage:  AREN.A 

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