Business
Urban One, Inc. Receives NASDAQ Notification of Non-Compliance with Listing Rule 5250(c)(1)
SILVER SPRING, Md., April 7, 2023 /PRNewswire/ -- Today, Urban One, Inc. (the "Company"), reported that it received a letter from the Listing Qualifications
About this update from Urban One, Inc.
[{"type":"text","content":"SILVER SPRING, Md., April 7, 2023 /PRNewswire/ -- Today, Urban One, Inc. (the \"Company\"), reported that it received a letter from the Listing Qualifications Department of the Nasdaq Stock Market LLC (\"Nasdaq\") 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 its Annual Report on Form 10-K for the fiscal year ended December 31, 2022 (the \"2022 Form 10-K\"), with the Securities and Exchange Commission (\"SEC\").\n\n \n \n \n \n \n \n\n \nThis 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 Nasdaq Listing Rule, the Company's common stock will be subject to delisting from Nasdaq.\nUnder the Nasdaq rules, the Company has 60 calendar days to file the 2022 Form 10-K or to submit to Nasdaq a plan to regain compliance with the Nasdaq Listing Rule. If Nasdaq accepts the Company's plan, then Nasdaq may grant the Company up to 180 days from the prescribed due date for filing the 2022 Form 10-K 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.\nThe Company is working diligently and expects to file its 2022 Form 10-K within the 60-day period, which ends on June 2, 2023, which would eliminate the need for the Company to submit a formal plan to regain compliance.\nCautionary Note Regarding Forward-Looking Statements\nThe 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 sta...