SILVER SPRING, Md., May 24, 2024 /PRNewswire/ -- Today, Urban One, Inc. (the "Company") reported that on May 23, 2024, the Company received a second letter (the "Second Nasdaq Notice") from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that it was further non-compliant with Nasdaq Listing Rule 5250(c)(1) (the "Periodic Filing Rule") as a result of not having timely filed its Quarterly Report on Form 10-Q for the period ended March 31, 2024 (the "2024 Q1 Form 10-Q") with the United States Securities and Exchange Commission ("SEC"). The Second Nasdaq Notice noted that on April 8, 2024, Nasdaq sent the Company a letter notifying the Company that it was not in compliance with the Periodic Filing Rule as it did not timely file its Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (the "2023 Form 10-K" and, together with the 2024 Q1 Form 10-Q, the "Delayed Filings"), with the SEC.
Under the Nasdaq rules, the Company now has until June 7, 2024, to file the Delayed Filings or submit a plan to regain compliance. If Nasdaq accepts the compliance plan, Nasdaq may grant the Company an extension of up to 180 calendar days from the due date for the initial delinquent filing, or until September 30, 2024, to regain compliance.
The Company is working diligently and expects to file its Delayed Filings on or before June 7, 2024, which would eliminate the need for the Company to submit a formal plan to regain compliance.
This notification has no immediate effect on the listing of the Company's common stock on Nasdaq. However, if the Company fails to timely regain compliance with the Periodic Filing Rule, the Company's common stock would be subject to delisting from Nasdaq.
Cautionary Note Regarding Forward-Looking Statements
epidemics or pandemics on the global economy; the rapidly evolving nature of the COVID-19 pandemic and related containment measures, including changes in unemployment rate; the impact of political protests and curfews imposed by state and local governments; the cost and availability of capital or credit facility borrowings; the ability to obtain equity financing; general market conditions; the adequacy of cash flows or available debt resources to fund operations; and other risk factors described from time to time in the Company's Forms 10-K, Forms 10-K/A, Forms 10-Q, Forms 10-Q/A and Form 8-K reports (including all amendments to those reports).
About Urban One:
SOURCE Urban One, Inc.
