On Friday (9/29) Urban One, Inc received a letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC notifying the company that Nasdaq has initiated a process that could result in the delisting of the company’s securities from Nasdaq as a result of the company not being in compliance with the Nasdaq Listing Rule that requires listed companies timely file all required periodic
financial reports with the Securities and Exchange Commission. Urban One says it intends to timely request a hearing before a Nasdaq Hearings Panel and that request will automatically stay any suspension or delisting action through October 20, 2023. The company will request that the stay be extended through the hearing and the expiration of any additional extension period granted by the Hearings Panel through March 26, 2023. There’s no assurance that the Hearings Panel will grant the additional extension or that Urban One will be able to regain compliance by the end of any additional extension period. The company is late with its quarterly financial reports for the first and second quarters of 2023. As previously reported, this comes as the result of the company dismissing its previous independent registered public accounting firm BDO USA, LLP and hiring Ernst & Young LLP.
