On December 29, 2023, The Arena Group Holdings, Inc. failed to make the interest payment due on the Third Amended and Restated Note Purchase Agreement, dated December 15, 2022 held by Renew Group Private Limited (?RGPL? and the ?RGPL Notes? respectively) in the amount of approximately $2,797,000.

The outstanding principal on the RGPL Notes was approximately $110,691,000 as of December 31, 2023. This created an event of default under the RGPL Notes (the ?RGPL Default?). The Company is currently in discussions with RGPL to restructure and/or amend the RGPL Notes.

To allow for these negotiations with the Company, on January 5, 2024, RGPL agreed in writing to a forbearance period through March 29, 2024 while reserving its rights and remedies. The forbearance period is subject to the Company retaining a third-party financial restructuring firm acceptable to RGPL. The RGPL Default and the ABG Default created an event of cross-default with SLR Digital Finance LLC (?SLR?).

The Company is in discussion with SLR. The principal amount due under the credit facility with SLR was approximately $19,609,000 as of December 31, 2023.