SILVER
SPRING, Md., Aug. 22,
2023 /PRNewswire/ -- Today, Urban One, Inc. (NASDAQ:
UONEK; UONE) (the "Company"), reported that it received a
letter from the Listing Qualifications Department of the Nasdaq
Stock Market LLC ("NASDAQ") on August 16,
2023 (the "Third NASDAQ Letter") notifying the Company that
it was not in compliance with requirements of NASDAQ Listing Rule
5250(c)(2) (the "Rule") as a result of not having timely filed (i)
its Quarterly Report on Form 10-Q for the period ended March 31,
2023 (the "Q1 2023 Form 10-Q" ) and (ii) its Quarterly Report on
Form 10-Q for the period ended June 30, 2023 (the "Q2 2023 Form
10-Q") with the Securities and Exchange Commission ("SEC").
This notification has no immediate effect on the listing of the
Company's common stock on the NASDAQ. However, if the Company fails
to timely regain compliance with the Rule, the Company's common
stock will be subject to delisting from NASDAQ.
As previously disclosed, the Company received a notice from
NASDAQ on April 3, 2023 (the "First
Nasdaq Letter"), notifying the Company was not in compliance with
the Rule due to its delay in filing the 2022 Annual Report on Form
10-K (the "2022 Form 10-K"). On May 10,
2023, the Company filed a Form 12b-25 Notification of Late
Filing with respect to its Q1 2023 Form 10-Q, triggering the Second
NASDAQ Letter, also previously disclosed. In accordance with the
Second NASDAQ Letter, the Company filed a plan to regain compliance
with respect to the 2022 Form 10-K and the Q1 2023 Form 10-Q.
NASDAQ accepted the Company's compliance plan and granted the
Company 180 days, or until September 27,
2023, for filing the 2022 Form 10-K and the Q1 2023 Form
10-Q to regain compliance. The Company subsequently filed the 2022
Form 10-K on June 30, 2023, however,
the Company has yet to file its Q1 2023 Form 10-Q and this, as well
as the Company's previously disclosed change of independent
registered public accounting firm (as disclosed on a Current
Report on Form 8-K filed July 12,
2023), has delayed the Company's preparation and filing of
its Q2 2023 Form 10-Q. The Company is in the process of
completing its Q1 2023 Form 10-Q and anticipates filing both the Q1
2023 Form 10-Q and the Q2 2023 Form 10-Q on or before September 27, 2023.
Cautionary Note Regarding Forward-Looking
Statements
The Company cautions you certain of the
statements in this Form 8-K or in its press release may represent
"forward-looking statements" as defined in Section 27A of the
United States Securities Act of 1933, as amended, and Section 21E
of the United States Securities Exchange Act of 1934, as amended.
These statements are based on assumptions believed by the Company
to be reasonable and speak only as of the date on which such
statements are made. Without limiting the generality of the
foregoing, words such as "expect," "believe," "anticipate,"
"intend," "plan," "project," "will" or "estimate," or the negative
or other variations thereof or comparable terminology are intended
to identify forward-looking statements. Except as required by law,
the Company undertakes no obligation to update such statements to
reflect events or circumstances arising after such date and
cautions investors not to place undue reliance on any such
forward-looking statements. Forward-looking statements involve
risks and uncertainties that could cause actual results to differ
materially from those described in the statements based on a number
of factors, including but not limited to the following: the extent
of the impact of the COVID-19 global pandemic or any other
epidemic, disease outbreak, or public health emergency, including
the duration, spread, severity, and any recurrence of the COVID-19
pandemic, the duration and scope of related government
orders and restrictions, the impact on our employees, economic,
public health, and political conditions that impact consumer
confidence and spending, including the impact of COVID-19 and other
health epidemics or pandemics on the global economy; the rapidly
evolving nature of the COVID-19 pandemic and related containment
measures, including changes in unemployment rate; the impact of
political protests and curfews imposed by state and local
governments; the cost and availability of capital or credit
facility borrowings; the ability to obtain equity financing;
general market conditions; the adequacy of cash flows or available
debt resources to fund operations; and other risk factors described
from time to time in the Company's Forms 10-K, Forms 10-K/A, Forms
10-Q, Forms 10-Q/A and Form 8-K reports (including all amendments
to those reports).
About Urban One:
Urban One, Inc.
(urban1.com), together with its subsidiaries, is the
largest diversified media company that primarily targets Black
Americans and urban consumers in the
United States. The Company owns TV One, LLC
(tvone.tv), a television network serving
more than 59 million households, offering a broad range of original
programming, classic series and movies designed to entertain,
inform, and inspire a diverse audience of adult Black viewers. As
of June 30, 2023, we owned and/or
operated 66 independently formatted, revenue producing broadcast
stations (including 55 FM or AM stations, 9 HD
stations, and the 2 low power television stations) branded
under the tradename "Radio One" in 13 urban markets in
the United States. Through its
controlling interest in Reach Media, Inc.
(blackamericaweb.com), the Company also
operates syndicated programming including the Rickey Smiley Morning Show, the Russ Parr
Morning Show, and the DL Hughley Show. In addition to
its radio and television broadcast assets, Urban One owns
iOne Digital (ionedigital.com), our
wholly owned digital platform serving the African American
community through social content, news, information, and
entertainment websites, including its Cassius,
Bossip, HipHopWired and MadameNoire
digital platforms and brands. Through our national
multi-media operations, we provide advertisers with a unique and
powerful delivery mechanism to the African American and urban
audiences.
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SOURCE Urban One, Inc.