Home / Going-concern warnings / Arena Group Holdings, Inc.
Filed 2025-04-15 路 Form 10-K 路 Accession 0001641172-25-004921 micro
Price before filing: $1.89 (2025-04-14 close, split/dividend-adjusted)
Market cap at flag: $94.8M (2025-04-15) 路 Latest: $48.9M (2026-09-11)
| Window | AREN | SPY | vs SPY | |
|---|---|---|---|---|
| 30 days | +255.0% | +9.5% | +245.5% | 2025-05-15 |
| 90 days | +203.7% | +16.2% | +187.5% | 2025-07-14 |
| 180 days | +150.8% | +23.7% | +127.1% | 2025-10-13 |
Return from the last close before the filing date to the first close on/after the window end. Pending windows have not fully elapsed. Past performance says nothing certain about the future.
90 days before the flag: 2 insiders sold $143K (3 sales); 1 insider bought $143K (3 purchases)
30 days after: none reported.
| Date | Insider | Type | Shares | Price | Value | 10b5-1 plan | Source |
|---|---|---|---|---|---|---|---|
| 2025-01-17 | Petzel Christopher Director | Sale | 25,000 | $1.23 | $31K | no | Form 4 |
| 2025-01-17 | Randall Cavitt Director | Purchase | 25,000 | $1.23 | $31K | no | Form 4 |
| 2025-02-03 | Petzel Christopher Director | Sale | 25,010 | $1.35 | $34K | no | Form 4 |
| 2025-02-03 | Randall Cavitt Director | Purchase | 25,010 | $1.35 | $34K | no | Form 4 |
| 2025-02-12 | Lee Laura Anne Director | Sale | 55,780 | $1.40 | $78K | no | Form 4 |
| 2025-02-12 | Randall Cavitt Director | Purchase | 55,780 | $1.40 | $78K | no | Form 4 |
| 2025-04-15: red flag filed | |||||||
Open-market purchases and sales (Form 4 codes P and S) by officers, directors and 10% owners, by transaction date, from 2025-01-15 to 2025-05-15. Excludes option exercises, grants, gifts and tax withholding. Amended filings replace the originals; joint filings count once. Foreign private issuers do not file Form 4. Many insider sales are pre-scheduled (10b5-1 plans) and are not by themselves a sign of wrongdoing.
"As discussed in Note 1 to the consolidated financial statements, the Company has suffered recurring net losses from continuing operations and has a working capital deficit that raise substantial doubt about its ability to continue as a going concern."
Quoted from the filing. Source
The filing states that substantial doubt exists about the company's ability to continue as a going concern: it may not have enough cash to last the next 12 months. Expect dilution, debt deals or worse. An auditor's going-concern paragraph is the strongest form of this warning.
Going-concern opinion issued by: Marcum LLP
Source: independent auditor report in Form 10-K (period 2024-12-31)
Why this score: in auditor's report
Read the original filing on SEC.gov →
Not investment advice. Automated summary; verify against the filing.
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