Shares in Arena Group Holdings surged by about two-thirds in after-hours trading, following reports of a proposed buyout offer.
The boost to the company’s shares comes after a year of decline in which the Sports Illustrated owner’s share price has fallen by nearly 79%.
A new offer was launched by James Heckman, Arena’s former chief executive, and crypto investor Brock Pierce.
They have proposed to acquire 45% of the company for a price equating to approximately US$4.50 per share.
Manoj Bhargava is also reportedly attempting to acquire a majority stake in Arena. Bhargava was appointed as the company’s interim CEO following the termination of Ross Levinsohn.
Arena’s share price rose from US$2.09 per share at close of trading yesterday to a high of US$3.46 after the market closed.