Urban One Gets Delisting Stay Extension from NASDAQ

RADIO ONLINE | Wednesday, October 18, 2023

Urban One

The Nasdaq Hearings Panel has granted Urban One's request to extend the automatic 15-day stay of suspension from the Nasdaq Stock Market, pending the hearing scheduled for November 30 and a final determination regarding the company's listing status of its common stock. On September 28, Nasdaq notified the company that it would potentially delist securities after Urban One failed to comply with Nasdaq's continued listing requirements failing to file its Quarterly Reports on Form 10-Q for the periods ended March 31, 2023 and June 30.

The Panel determined to maintain the status quo of the company's securities pending a hearing, so that a final decision about its listing can be made on a full and complete record at the time of the hearing. Accordingly, the Panel granted the Urban One's request for the Stay Extension pending the hearing on November 30 and issuance of a final Panel decision.

This means that the company's shares will not be delisted before the outcome of the Hearing, which is scheduled for November 30. Urban One anticipates filing the Delinquent Reports prior to November 30.

The late filings are a result of the company's decision to fire BDO USA LLP as its independent outside auditor and hire EY. BDO USE was dismissed after the company discovered discrepancies pertaining to its holdings in the MGM National Harbor Casino Resort, which its sold earlier this year.