On January 4, 2024, the Board of The Arena Group Holdings, Inc. engaged FTI Consulting Inc., (?FTI?) to assist the Company with its turnaround plans and forge an expedited path to sustainable positive cash flow and earnings to create shareholder value (FTI Engagement). FTI is a financial restructuring firm acceptable to RGPL. The FTI Engagement was finalized on January 5, 2024.

As of part of it, Jason Frankl, a senior managing director of FTI, was appointed as the Company?s Chief Business Transformation Officer. Mr. Frankl has over 24 years of financial advisory, capital markets and corporate governance experience and will report directly to the Board.