The Arena Group (AREN) has released an update.
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The Arena Group Holdings, Inc. has raised $12 million through a private placement of shares to Simplify Inventions, LLC, pricing the stock at the 60-day volume weighted average. Meanwhile, Cavitt Randall, a seasoned executive with over two decades in the financial sector, was appointed as CEO of the Company for a nominal annual salary of $1. Additionally, the Company is in ongoing negotiations with Authentic to resolve a payment default under their existing Licensing Agreement and is exploring a new agreement, although there’s no certainty on reaching a resolution.
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