Urban One Receives Non-Compliance Notice from NASDAQ
Urban One reports that it received a letter from the Listing Qualifications Department of the Nasdaq Stock Market LLC on April 8 notifying the company that it was not in compliance with requirements of Nasdaq Listing Rule 5250(c)(1) as a result of 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. Urban One now has 60 calendar days, or until June 7, 2024, 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, 2024, to regain compliance. Urban One says it is working diligently and expects to file its 2023 Form 10-K within the 60-day period, which would eliminate the need for it to submit a formal plan to regain compliance.
firm to complete its audits of the consolidated financial statements and internal control over financial reporting included in the Form 10-K. Urban One expects its auditor will issue an unqualified opinion on the consolidated financial statements. The reason for the delay is that Urban One has identified material weaknesses in its internal control over financial reporting and as a result, expects some of its internal controls over financial reporting and disclosure controls will be ineffective as of December 31, 2023. The Annual Report on Form 10-K for the year ended December 31, 2023, will describe these material weaknesses, and the Company is implementing plans to remediate them. The company says it does not anticipate any changes to its previously audited financial statements, nor does it expect to report financial results for the fourth quarter and full year ended December 31, 2023 that are materially different from the financial guidance range previously provided by the company during its third quarter earnings call.
16, 2024 to file its Form 10-Q quarterly report for the period ending September 30, 2023. As result of that filing being late, Nasdaq has begun the process of delisting Urban One stock. However, the extension gives Urban One extra time to file the report. The company says it expects to be able to file the Q3 2023 Form 10-Q on or before December 31. As TALKERS has previously reported, the late filings were the result of Urban One dismissing its previous independent registered public accounting firm BDO USA, LLP and hiring Ernst & Young LLP.
received its first notice of non-compliance on April 3. In accordance with the second NASDAQ notice, Urban One has until June 2 to submit a plan to file both delinquent reports or to submit a plan to regain compliance. If NASDAQ accepts the company’s plan, Urban One may get up to 180 days (September 27) to file the reports. If it doesn’t, the company can appeal the decision. Urban One says it intends to submit its plan to regain compliance on or before June 2.
compliance with the Nasdaq Listing Rule, the Company’s common stock will be subject to delisting. Under the Nasdaq rules, the company has 60 calendar days to file the 2022 Form 10-K or to submit to Nasdaq a plan to regain compliance with the Nasdaq Listing Rule. If Nasdaq accepts the company’s plan, then Nasdaq may grant the Company up to 180 days from the prescribed due date for filing the 2022 Form 10-K to regain compliance. If Nasdaq does not accept the company’s plan, then Urban One will have the opportunity to appeal that decision to a Nasdaq Hearings Panel. The company says it is working diligently and expects to file its 2022 Form 10-K within the 60-day period. Previously, Urban One notified the SEC that it had identified material weaknesses in its internal control over financial reporting and as a result, expected some of its internal controls over financial reporting and disclosure controls would be ineffective as of December 31, 2022. The Annual Report on Form 10-K for 2022 will describe these material weaknesses, and the company is implementing plans to remediate them.”