Nasdaq Grants Urban One Stay Extension
Urban One Inc is getting the extension of the automatic 15-day stay of suspension from the Nasdaq Stock Market LLC pending a hearing scheduled for November 30 and a final determination regarding the company’s listing status on the exchange. Nasdaq originally notified Urban One of its decision to begin proceedings to potentially delist the company’s securities because it had failed to comply with
listing requirements by not filing quarterly reports with the Securities and Exchange Commission for the first and second quarters of 2023. Urban One has been late with quarterly reports since it discovered problems with its former independent accounting firm’s valuation of its investment interest in MGM National Harbor, which the company sold for cash proceeds of approximately $136.8 million on April 21, 2023. Urban One has since dismissed that accounting firm and hired Ernst & Young LLP as its independent accounting firm. Nasdaq’s granting the stay means that the company’s shares will not be delisted before the outcome of the hearing scheduled for November 30. Urban One says it anticipates filing the delinquent reports prior to that date.