Urban One, Inc. has received an additional notice of non-compliance from NASDAQ. Here are the details:
On May 23, 2024, Urban One received a second letter (the “Second Nasdaq Notice”) from the Listing Qualifications Department of The Nasdaq Stock Market LLC. This notice was related to Urban One’s non-compliance with Nasdaq Listing Rule 5250©(1), specifically the Periodic Filing Rule1.
Reason for Non-Compliance: Urban One failed to timely file 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). This non-compliance follows a previous notice related to the Annual Report on Form 10-K for the fiscal year ended December 31, 20231.
Next Steps: Under Nasdaq rules, Urban One now has until June 7, 2024, to either file the delayed reports or submit a plan to regain compliance. If Nasdaq accepts the compliance plan, Urban One may be granted an extension of up to 180 calendar days from the initial delinquent filing due date (until September 30, 2024) to regain compliance. Urban One is diligently working to file the delayed reports by June 7, 2024, which would eliminate the need for a formal compliance plan. As of now, this notification does not immediately impact the listing of Urban One’s common stock on Nasdaq. However, failure to regain compliance within the specified timeframe could result in delisting1.
Urban One’s situation highlights the importance of timely financial reporting and compliance with exchange rules.
No comments:
Post a Comment