Thursday, May 25, 2023

Late Reports Result In Notice For Urban One

Urban One, Inc. reports it has received a letter from the Listing Qualifications Department of the Nasdaq Stock Market notifying the Company that it was not in compliance with requirements of Nasdaq Listing Rule 5250(c)(1) as a result of not having timely filed (i) its Annual Report on Form 10-K for the period ended December 31, 2022 and its Quarterly Report on Form 10-Q for the period ended March 31, 2023 with the Securities and Exchange Commission ("SEC").

This notification has no immediate effect on the listing of the Company's common stock on the NASDAQ. However, if the Company fails to timely regain compliance with the Rule, the Company's common stock will be subject to delisting from NASDAQ.

As previously disclosed, the Company received a notice from NASDAQ on April 3, 2023, notifying the Company was not in compliance with the Rule due to its delay in filing the 2022 Form 10-K. On May 10, 2023, the Company filed a Form 12b-25 Notification of Late Filing with respect to its Q1 2023 Form 10-Q, triggering the Second Nasdaq Letter. 

In accordance with the Second Nasdaq Letter, the Company has until June 2, 2023, the time prescribed by the First Nasdaq Letter, to submit a plan to file both Delinquent Reports or to submit a plan to regain compliance with respect to these Delinquent Reports. 

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