SILVER
SPRING, Md., May 24, 2023
/PRNewswire/ -- Today, Urban One, Inc. (NASDAQ: UONEK; UONE) (the
"Company"), reported that it received a letter from the Listing
Qualifications Department of the Nasdaq Stock Market LLC ("Nasdaq")
on May 19, 2023 (the "Second
Nasdaq Letter") notifying the Company that it was not in compliance
with requirements of Nasdaq Listing Rule 5250(c)(1) (the "Rule") as
a result of not having timely filed (i) its Annual Report on Form
10-K for the period ended December 31, 2022 (the "2022 Form 10-K")
and (ii) its Quarterly Report on Form 10-Q for the period ended
March 31, 2023 (the "Q1 2023 Form 10-Q" and, together with the 2022
Form 10-K, the "Delinquent Reports"), 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 (the "First
Nasdaq Letter"), 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. If Nasdaq accepts the Company's plan, then
Nasdaq may grant the Company up to 180 days from the prescribed due
date, or September 27, 2023, for
filing the Delinquent Reports to regain compliance. If NASDAQ does
not accept the Company's plan, then the Company will have the
opportunity to appeal that decision to a Nasdaq Hearings
Panel. The Company intends to submit its plan to regain
compliance with respect to the Delinquent Reports on or before
June 2, 2023.
Cautionary Note Regarding Forward-Looking Statements
The Company cautions you certain of the statements in this
Form 8-K or in its 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: the extent
of the impact of the COVID-19 global pandemic or any other
epidemic, disease outbreak, or public health emergency, including
the duration, spread, severity, and 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 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:
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 April 30, 2023, we owned and/or
operated 66 independently formatted, revenue producing broadcast
stations (including 55 FM or AM stations, 9 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.