Paradium.AI, Inc.

The Arena Group Holdings, Inc. (the “Company”) has determined that it is unable, without unreasonable effort or expense, to complete the filing of its Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Form 10-K”) within the prescribed time frame because it requires additional time to complete procedures relating to its year-end financial statements as a result of the following matters. The Company has made significant changes to its operating structure, including multiple changes in the executive management team (as previously disclosed) and other reorganization activities executed during 2024 and continuing into 2025. In addition, the Company has identified two material weaknesses in its internal control over financial reporting: (i) the Company’s finance and accounting policies, including those governing revenue recognition, expense recognition, and balance sheet valuation, have not been fully documented; and (ii) the Company did not maintain a sufficient system of internal control to validate data provided by certain third party service providers. Certain factors, including the Company’s working capital deficiency and significant historical losses, continue to raise substantial doubt about the Company’s ability to continue as a going concern. This doubt was previously raised and disclosed in the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024. Due to the considerable time and resources Company management has devoted to the above matters, the Company does not have the resources available to prepare and file the 2024 Form 10-K on or before the March 31, 2025 due date. The Company expects to file the 2024 Form 10-K within fifteen calendar days following the prescribed filing date

The Arena Group Holdings, Inc. (the “Company”) has determined that it is unable, without unreasonable effort or expense, to complete the filing of its Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 (the “Q2 2024 Form 10-Q”) within the prescribed time frame. As previously disclosed, the Company has a significant working capital deficiency, has incurred significant losses and may need to restructure its debt to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. As previously disclosed, the Company entered into a Business Combination Agreement, dated November 5, 2023 (the “Transaction Agreement”), with Simplify Inventions, LLC (“Simplify”), Bridge Media Networks, LLC (“Bridge Media”), New Arena Holdco, Inc. (“New Arena”), Energy Merger Sub I, LLC, and Energy Merger Sub II, LLC. New Arena filed a registration statement with the SEC on Form S-4 relating to these transactions and filed an amendment to the Form S-4 on June 14, 2024. On August 2, 2024, Bridge Media shut down all of its operations and laid off substantially all of the employees. Simplify and the Company are discussing possible alternative structures or options to the transactions contemplated by the Transaction Agreement. There can be no assurance that the transactions contemplated by the Transaction Agreement, or possible alternative structures or options to the transactions contemplated by the Transaction Agreement, will be consummated. Due to the considerable time and resources the Company’s management is devoting to the transactions contemplated by the Transaction Agreement and the possible alternative structures or options thereto, the Company does not have the resources necessary to prepare and file the Form 10-Q on or before the August 14, 2024 due date. The Company expects to file the Q2 2024 Form 10-Q within five calendar days following the prescribed filing date

The Arena Group Holdings, Inc. (the “Company”) has determined that it is unable, without unreasonable effort or expense, to complete the filing of its Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 (the “Q1 2024 Form 10-Q”) within the prescribed time frame. As previously disclosed, the Company entered into a Business Combination Agreement, dated November 5, 2023 (the “Transaction Agreement”), with Simplify Inventions, LLC, Bridge Media Networks, LLC, New Arena Holdco, Inc. (“New Arena”), Energy Merger Sub I, LLC, and Energy Merger Sub II, LLC. New Arena filed a registration statement with the SEC on Form S-4 relating to these transactions and has recently been in the process of responding to SEC comments related to the Form S-4. This has required a significant amount of Company time and resources that normally would be devoted to the preparation of the Q1 2024 Form 10-Q. The Company therefore requires additional time to gather information and finalize the Q1 2024 Form 10-Q. There can be no assurance that the transactions contemplated by the Transaction Agreement will be consummated. The Company expects to file the Q1 2024 Form 10-Q within five calendar days following the prescribed filing date

The Arena Group Holdings, Inc. (the “Company”) has determined that it is unable, without unreasonable effort or expense, to complete the filing of its Quarterly Report on Form 10-Q for the quarter ended September 30, 2023 (the “Q3 2023 Form 10-Q”) within the prescribed time frame. As reported on the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on November 7, 2023 (the “8-K”), the Company entered into a Business Combination Agreement, dated November 5, 2023 (the “Transaction Agreement”), with Simplify Inventions, LLC, Bridge Media Networks, LLC, New Arena Holdco, Inc., Energy Merger Sub I, LLC, and Energy Merger Sub II, LLC. The negotiations relating to the Transaction Agreement and the related transactions described in the 8-K have required a significant amount of Company time and resources that normally would be devoted to the preparation of the Q3 2023 Form 10-Q. The Company therefore requires additional time to gather information and finalize the Q3 2023 Form 10-Q. There can be no assurance that the transactions contemplated by the Transaction Agreement will be consummated. The Company expects to file the Q3 2023 Form 10-Q within five calendar days following the prescribed filing date

The Arena Group Holdings, Inc. (the “Company”) is engaged in active discussions regarding potential strategic and financing transactions. The Company’s efforts related to negotiating these potential strategic and financing transactions and evaluating them, have required a significant amount of Company time and resources and the Company therefore requires additional time to complete and finalize the Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 (the “Q2 2023 Form 10-Q”). The Company has determined that the filing of its Q2 2023 Form 10-Q will not be completed within the prescribed time frame without unreasonable effort or expense. The Company believes that it is in the best interest of the Company and its shareholders to postpone filing of the Q2 2023 Form 10-Q for a period of up to five calendar days. There can be no assurance that any strategic or financing transaction will be successful or that any such strategic or financing transaction will be available on terms acceptable to the Company. The Company expects to file the Q2 2023 Form 10-Q on August 14, 2023, within five calendar days following the prescribed filing date

The Arena Group Holdings, Inc. (the “Company”) is unable to complete the filing of its Annual Report on Form 10-K for the year ended December 31, 2022 (the “Form 10-K”) within the prescribed time frame without unreasonable effort or expense because the Company requires additional time to complete the Form 10-K, including its financial statements, the assessment of the effectiveness of its internal control over financial reporting and management’s assessment of the Company’s ability to continue as a going concern . Additionally, the Form 10-K is the first annual report for which the Company is required to include the Section 404(b) of Sarbanes-Oxley auditor attestation on the Company’s assessment of its internal control over financial reporting. As a result of the foregoing, Marcum LLP, the Company’s independent registered public accounting firm, has not yet completed its audit procedures. Although the Form 10-K is not completed, the Company expects that the financial statements in the Form 10-K will be substantially consistent with the financial information reported in the earnings release the Company furnished as Exhibit 99.1 to the Company’s Current Report on Form 8-K filed March 16, 2023 (the “Earnings Release”). The Company expects that the Form 10-K, along with the audited financial statements for the year ended December 31, 2022, will be filed within the 15-calendar day extension period provided by Rule 12b-25

ed time period. . The Arena Group Holdings, Inc. (the “Company”) is unable to file its Annual Report on Form 10-K for the fiscal period ended December 31, 2021 (the “2021 Form 10-K”) in a timely manner without unreasonable effort or expense. Management is in the process of finalizing the operating results of the Company’s fiscal year 2021 and related financial statements. The Company is working diligently to complete the necessary work in connection with the finalizing the 2021 Form 10-K and intends to file the 2021 Form 10-K as soon as reasonably practicable thereafter

ed time period. . theMaven, Inc. (the “Company”) is unable to file its Annual Report on Form 10-K for the fiscal period ended December 31, 2020 (the “2020 Form 10-K”) in a timely manner without unreasonable effort or expense. As previously announced, the Company is currently delinquent in its periodic report filings and has been unable to file its Comprehensive Annual Report on Form 10-K for the fiscal period ended December 31, 2019, which contains all of the quarterly periods for fiscal 2019 (the “2019 10-K”), its Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 (the “2020 Q1 Form 10-Q”), its Quarterly Report on Form 10-Q for the quarter ended June 30, 2020 (the “2020 Q2 Form 10-Q”), and its Quarterly Report on Form 10-Q for the quarter ended September 30, 2020 (the “2020 Q3 Form 10-Q” and, together with the 2019 10-K, the 2020 Q1 Form 10-Q, and the 2020 Q2 Form 10-Q, the “Delinquent Reports”). The Company is currently in the process of preparing and finalizing the remainder of its Delinquent Reports and anticipates filing them in the near term. The delay in preparing the Company’s financial statements primarily relates to (i) the magnitude of work that the Company has to complete to prepare its financial statements that will be contained in the remainder of the Delinquent Reports, (ii) the time and resources expended by the Company to file its Annual Report on Form 10-K for the fiscal period ended December 31, 2018, and (iii) the impact COVID-19 has had on the business operations of the Company, including office closures and our accounting staff working remotely