SILVER
SPRING, Md., May 24, 2024
/PRNewswire/ -- Today, Urban One, Inc. (the "Company") reported
that on May 23, 2024, the Company
received a second letter (the "Second Nasdaq Notice") from the
Listing Qualifications Department of The Nasdaq Stock Market LLC
("Nasdaq") notifying the Company that it was further non-compliant
with Nasdaq Listing Rule 5250(c)(1) (the "Periodic Filing Rule") as
a result of not having timely filed its Quarterly Report on Form
10-Q for the period ended March 31, 2024 (the "2024 Q1 Form 10-Q")
with the United States Securities and Exchange Commission
("SEC"). The Second Nasdaq Notice noted that on April 8,
2024, Nasdaq sent the Company a letter notifying the Company that
it was not in compliance with the Periodic Filing Rule as it did
not timely file its Annual Report on Form 10-K for the fiscal year
ended December 31, 2023 (the "2023 Form 10-K" and, together with
the 2024 Q1 Form 10-Q, the "Delayed Filings"), with the SEC.
Under the Nasdaq rules, the Company now has until June 7, 2024, to file the Delayed Filings or
submit a plan to regain compliance. If Nasdaq accepts the
compliance plan, Nasdaq may grant the Company an extension of up to
180 calendar days from the due date for the initial delinquent
filing, or until September 30, 2024,
to regain compliance.
The Company is working diligently and expects to file its
Delayed Filings on or before June 7,
2024, which would eliminate the need for the Company 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 the Company fails to
timely regain compliance with the Periodic Filing Rule, the
Company's common stock would be subject to delisting from
Nasdaq.
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 March 31, 2024, we owned and/or
operated 72 independently formatted, revenue producing broadcast
stations (including 57 FM or AM stations, 13 HD stations, and the 2
low power television stations) branded under the tradename "Radio
One" in 15 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.
We also have invested in a minority ownership interest in MGM
National Harbor, a gaming resort located in Prince George's County, Maryland. 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.
