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").
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 Nasdaq Listing Rule, the
Company's common stock will be subject to delisting from
Nasdaq.
Under 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.
The 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.
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 September 30, 2022, 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 15 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. We also have invested in a minority ownership interest
in MGM National Harbor, a gaming resort located in Prince George's County, Maryland. Through our
national multi-media operations, we provide advertisers with a
unique and powerful delivery mechanism to the African American and
urban audiences.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/urban-one-inc-receives-nasdaq-notification-of-non-compliance-with-listing-rule-5250c1-301792608.html
SOURCE Urban One, Inc.