Urban One Receives Nasdaq Notification of Non-Compliance

RADIO ONLINE | Monday, April 15, 2024 | 4:21pm CT

Urban One

Urban One reported has received a letter from the listing qualifications department of Nasdaq notifying the company that it was not in compliance with requirements of its listing rule. This after not having timely filed its annual report on Form 10-K for the fiscal year ended December 31, 2023 with the Securities and Exchange Commission (SEC). The company has been afforded 60 calendar days, or until June 7, to submit a plan to regain compliance.

If Nasdaq accepts the compliance plan, the Nasdaq staff may grant the company an exception of up to 180 calendar days from the filing's due date, or until September 11 to regain compliance. Urban One said in a release that it's "working diligently" and expects to file its 2023 Form 10-K within the 60-day period, which ends on June 7, which would eliminate the need to submit a formal plan to regain compliance.

This notification has no immediate effect on the listing of the company's common stock on Nasdaq. However, if Urban One fails to timely regain compliance with the rule, the company's common stock would be subject to delisting from Nasdaq. However, Urban One would first be afforded the opportunity to request a hearing before an independent Nasdaq Hearings Panel.