Arena Group dismisses KPMG as auditor; appoints BDO; cites going concern and material weaknesses

Arena Group Holdings, Inc.

Audit Committee dismissed KPMG effective July 11, 2025; BDO USA appointed as successor same day.
KPMG's FY2024 audit report included an explanatory paragraph about substantial doubt as a going concern.
Two material weaknesses reported: incomplete documentation of accounting policies and insufficient controls over third-party data.
No disagreements with KPMG on accounting principles or audit procedures during the relevant period.
KPMG issued a letter (Exhibit 16.1) agreeing with the disclosures in this 8-K.

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