Urban One, Inc. Receives Additional Nasdaq Staff Determination; Today Files Quarterly Reports for the Periods ended March 31, 2023 and June 30, 2023

Rhea-AI Summary

Urban One, Inc. (NASDAQ: UONE) received an Additional Staff Delisting Determination from Nasdaq due to delinquent filing of its Q3 2023 Form 10-Q, potentially leading to the delisting of its securities. The Company requested a hearing, scheduled for November 30, 2023, to address this issue. As part of its compliance plan, the Company filed delinquent reports for the previous quarterly periods on November 20, 2023.

SILVER SPRING, Md., Nov. 20, 2023 /PRNewswire/ -- Today, Urban One, Inc. (the "Company") reported that it received an Additional Staff Delisting Determination (the "Additional Staff Determination") from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq"), noting that the Company is now delinquent in filing its Form 10-Q for the period ended September 30, 2023 (the "Q3 2023 Form 10-Q") and that the additional delinquency may serve as a separate basis for the delisting of the Company's securities from Nasdaq. The Additional Staff Determination serves as formal notification that the Nasdaq Hearings Panel (the "Panel") will consider the additional delinquency in rendering a determination regarding the Company's continued listing.

The Company requested a hearing before the Panel on October 5, 2023, and, as previously announced on October 17, 2023, the hearing (the "Hearing") is scheduled for November 30, 2023. As a part of its compliance plan, the Company filed its delinquent reports for the quarterly periods ended March 31, 2023 and June 30, 2023 with the Securities and Exchange Commission on November 20, 2023. The Company anticipates filing the Q3 2023 Form 10-Q on or about December 31, 2023, and will present its plan to evidence full compliance with the Nasdaq listing criteria at the Hearing.

As previously announced, on October 17, 2023, the Panel granted the Company's request to extend the stay of any suspension of trading pending the ultimate outcome of the Hearing.

Cautionary Note Regarding Forward-Looking Statements

The Company cautions you certain of the statements in this press release may represent "forward-looking statements" as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. These statements are based on assumptions believed by the Company to be reasonable and speak only as of the date on which such statements are made. Without limiting the generality of the foregoing, words such as "expect," "believe," "anticipate," "intend," "plan," "project," "will" or "estimate," or the negative or other variations thereof or comparable terminology are intended to identify forward-looking statements. Except as required by law, the Company undertakes no obligation to update such statements to reflect events or circumstances arising after such date and cautions investors not to place undue reliance on any such forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those described in the statements based on a number of factors, including but not limited to the following: any recurrence of the COVID-19 pandemic, the duration and scope of related government orders and restrictions, the impact on our employees, economic, public health, and political conditions that impact consumer confidence and spending, including the impact of COVID-19 and other health epidemics or pandemics on the global economy; 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:

Urban One Inc. (urban1.com), together with its subsidiaries, is the largest diversified media company that primarily targets Black Americans and urban consumers in the United States. The Company owns TV One, LLC (tvone.tv), a television network serving more than 59 million households, offering a broad range of original programming, classic series and movies designed to entertain, inform, and inspire a diverse audience of adult Black viewers. As of September 1, 2023, we owned and/or operated 72 independently formatted, revenue producing broadcast stations (including 57 FM or AM stations, 13 HD stations, and the 2 low power television stations) branded under the tradename "Radio One" in 13 urban markets in the United States. Through its controlling interest in Reach Media, Inc. (blackamericaweb.com), the Company also operates syndicated programming including the Rickey Smiley Morning Show, the Russ Parr Morning Show, and the DL Hughley Show. In addition to its radio and television broadcast assets, Urban One owns iOne Digital (ionedigital.com), our wholly owned digital platform serving the African American community through social content, news, information, and entertainment websites, including its Cassius, Bossip, HipHopWired and MadameNoire digital platforms and brands. Through our national multi-media operations, we provide advertisers with a unique and powerful delivery mechanism to the African American and urban audiences.

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SOURCE Urban One, Inc.

FAQ

Why did Urban One, Inc. receive an Additional Staff Delisting Determination from Nasdaq?

Urban One, Inc. received the determination due to delinquent filing of its Q3 2023 Form 10-Q, which may lead to the delisting of its securities.

What is the compliance plan of Urban One, Inc.?

As part of its compliance plan, the Company filed delinquent reports for the previous quarterly periods on November 20, 2023.

When is the hearing scheduled for Urban One, Inc.'s delisting determination?

The hearing is scheduled for November 30, 2023, to address the delisting determination.

What is the ticker symbol of Urban One, Inc.?

The ticker symbol of Urban One, Inc. is UONE.