Urban One, Inc. has received a letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC notifying the Company that Nasdaq has initiated a process that could result in the delisting of the Company’s securities from Nasdaq as a result of the Company not being in compliance with Nasdaq Listing Rule. The rule requires listed companies to timely file all required periodic financial reports with the Securities and Exchange Commission.
The Company states it intends to timely request a hearing before a Nasdaq Hearings Panel. The hearing request will automatically stay any suspension or delisting action through October 20, 2023. In connection with the hearing request the Company will request that the stay be extended through the hearing and the expiration of any additional extension period granted by the Hearings Panel following the hearing. In that regard, pursuant to the Nasdaq Listing Rules, the Hearings Panel may grant an additional extension period through March 26, 2023.
The Staff Determination was issued because the Company has not filed its Quarterly Reports.
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