In a filing with the Securities and Exchange Commission, Urban One reports that it has received an extension from the Hearings Panel of The Nasdaq Stock Market LLC giving the company until January 16, 2024 to file its Form 10-Q quarterly report for the period ending September 30, 2023. As result of that filing being late, Nasdaq has begun the process of delisting Urban One stock. However, the extension gives Urban One extra time to file the report. The company says it expects to be able to file the Q3 2023 Form 10-Q on or before December 31. As TALKERS has previously reported, the late filings were the result of Urban One dismissing its previous independent registered public accounting firm BDO USA, LLP and hiring Ernst & Young LLP.
In a filing with the Securities and Exchange Commission, Urban One reports that it has entered into a fifth waiver and amendment to its “Current ABL Facility, dated as of February 19, 2021 with the Company, the Company’s subsidiaries guarantors, Bank of America, N.A., as administrative agent and the lenders party thereto.” This action waives certain events of default under the Current ABL Facility related to Urban One’s failure to timely deliver quarterly reports for the first and second quarters of 2023 and sets a due date of November 30, 2023 for those and a December 31, 2023 due date for the third quarter financial report. Urban One also reports that it has received an Additional Staff Delisting Determination from the Listing Qualifications Department of The Nasdaq Stock Market LLC due to the delinquent Q3 2023 report. Urban One has a hearing set for November 30 and anticipates filing the delinquent Q1 and Q2 reports prior to the hearing. It also expects to file the Q3 report on or about December 31, 2023 and will present its plan to evidence full compliance with the Nasdaq listing criteria at the hearing.