In a FORM 12b-25 filing with the Securities and Exchange Commission, Urban One says that the dismissal of is former independent accounting firm BDO USA, LLP and subsequent appointment of Ernst & Young LLP in that position forced it to miss the November 8 deadline for filing late quarterly reports. The company says, “Given the change of the Company’s independent registered public
accounting firm and the work required for E&Y to re-familiarize itself with the Company, the Company’s continued assessment of its internal controls, the Company is not able to finalize the financial statements and related information for inclusion in its quarterly report on Form 10-Q for the quarter ended September 30, 2023 (“2023 Q3 Form 10-Q”). Accordingly, the Company is unable to file its 2023 Q3 Form 10-Q within the prescribed time period as it works to complete each of the Company’s 2023 Q1 Form 10-Q, 2023 Q2 Form 10-Q and 2023 Q3 Form 10-Q.” This stems from BDO USA, LLP’s problematic valuation of Urban One’s investment interest in MGM National Harbor, which it sold for cash proceeds of approximately $136.8 million on April 21, 2023. This matter has also forced Nasdaq Stock Market LLC to begin the delisting process for the company’s stock.
