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.
president and CEO, “consistent with the terms approved by the company’s Compensation Committee and previously disclosed on a Current Report on Form 8-K filed October 3, 2022. The terms of the new employment agreements are effective as of January 1, 2022.” This contract – which runs through December of this year with automatic one-year renewals – provides Liggins with a base annual salary of $1.25 million. It also includes incentive compensation of up to 175% of base compensation.
director Mark Garrison after he asked if President Joe Biden suffers from dementia. Garrison did ask Jean-Pierre that question and she responded, “Mark, I can’t even believe you’re asking me this question. That is an incredibly offensive question to ask.” Then, after presenting the president’s accomplishments, Jean-Pierre thanked Garrison and ended the call. The White House says WBT was given seven minutes as part of Jean-Pierre’s media schedule and that she ended the interview at that time. The White House also suggested that the station employed a bit of theater by adding a dial-tone sound effect to the end of the interview that its phones don’t make after a call ends. 
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.
pm to 6:00 pm show. Young served for years as the station’s morning drive host and retired from that position at the end of 2022. Young has been producing a weekly podcast that drops Wednesday mornings, a project he will continue. 
Communications’ WNOV-AM, Milwaukee; and Minority Communications’ KJMC-FM, Des Moines. SmileyAudioMedia owner and program host Tavis Smiley says, “Our show’s rapid and continued expansion into key media markets represents an exciting next chapter. As we move deeper into the 2024 election season, we’ll continue to provide our growing listener base with enlightening and empowering programming unapologetically geared toward African Americans and other citizens of color.” The program is heard in Chicago on Midway Communications’ WVON-AM; LEVAS Communications’ WURD-AM, Philadelphia; and Equity Media’s WBOK-AM, New Orleans and plans to announce more new affiliate stations later in the spring.
One’s WFNI, Indianapolis “The Fan.” After leaving “The Fan,” Dakich began hosting a late morning program streamed on the Outkick Network. Cumulus Indianapolis VP and market manager Darlene Park says, “Indiana’s very own Dan Dakich returns to the airwaves as opinionated as ever and ready to break down all things sports on ‘Indy’s Sports Ticket 1430 AM’ every weekday from 12:00 noon to 3:00 pm. He is an Indiana sports legend, and we are so excited he is bringing his game to our team.” Dakich comments, “Couldn’t be more thrilled to join the fantastic team at ‘Indy’s Sports Ticket 1430 AM.’ The state of Indiana and I have had a lifetime love affair that extends way beyond sports and sharing that daily is going to, once again, be a blast! Can’t wait to get started as we build ‘Indy’s Sports Ticket 1430 AM’ into Indy’s go-to home for all things sports.”
at Wingate University’s Batte Fine Arts Center. The event will be moderated by personalities Bo Thompson and Beth Troutman and will feature questions for the candidates presented by the station’s late morning host Vince Coakley, afternoon host Brett Winterble, evening host Brett Jensen, and news director Mark Garrison. It will also include a 30-minute lead-in show hosted by Thompson and Troutman. All six registered candidates for the seat have accepted invitations to take part in the commercial-free broadcast. 
hiring Ernst & Young LLP. Yesterday (1/4), Urban One filed the following with the SEC: “On January 4, 2024, Urban One, Inc. announced that it had received notice from the Nasdaq Stock Market, LLC confirming that it has regained compliance with Nasdaq Listing Rule 5250(c) (the “Periodic Filing Rule”) which requires listed companies to timely file all required periodic financial reports with the Securities and Exchange Commission… with the company in compliance with the Periodic Filing Rule, Nasdaq has ceased any action to delist the company’s securities… Nasdaq has informed the company that it will be subject to a Mandatory Panel Monitor for a period of one year, or until December 29, 2024. If, within the one-year monitoring period, the company again fails to comply with the Periodic Filing Rule, the company will not be permitted to provide the Nasdaq Staff with a plan of compliance with respect to that deficiency, nor will the company be afforded a cure period. Instead, upon the Nasdaq Staff issuing a delist determination letter, the company would then have an opportunity to request a new hearing with the initial Hearing Panel or a newly convened Hearing Panel if the initial Hearing Panel is unavailable.”
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.
Securities and Exchange Commission for the periods ended March 31, 2023 and June 30, 2023. Briefly, the company’s net revenue for Q1 2023 was $110 million, down 2% from the same period in 2022. The company posted a net loss of $2.7 million for the first quarter. For Q2 of 2023, net revenue was $129.7 million, an increase of 9.2% over the same period in 2022. The company posted a net income of $71 million for that period.
related to Urban One’s failure to timely deliver quarterly reports for the first and second quarters of 2023 and sets a due date of November 30, 2023 for those and a December 31, 2023 due date for the third quarter financial report. Urban One also reports that it has received an Additional Staff Delisting Determination from the Listing Qualifications Department of The Nasdaq Stock Market LLC due to the delinquent Q3 2023 report. Urban One has a hearing set for November 30 and anticipates filing the delinquent Q1 and Q2 reports prior to the hearing. It also expects to file the Q3 report on or about December 31, 2023 and will present its plan to evidence full compliance with the Nasdaq listing criteria at the hearing.
on Gospel WPZZ-FM, Richmond to discuss the project and the referendum and lamented the amount of money they’d spent on the process, saying, “God has blessed me with enough to build the Richmond Grand. But $10 million is what the final [campaign] bill looks like. Such a waste. I am so mad at this opposition. Do you know how much good I could have done with $10 million? I had to pay the lawyers, the accountants, and the lobbyists… just to get the opportunity for you all to vote.” Casinos have already been approved in four Virginia cities, but the project was extremely controversial in Richmond.
Downs for a $562 million casino project that faces opposition from a group called No Means No Casino, led by Paul Goldman. While hosting a shot on The Box 99.9, Brown referred to Goldman as “a Jew who’s got the same trait as Judas,” and a “white Jew with the background of Judas.” WRIC-TV reports that Urban One regional VP Marsha Landess called Brown’s comments “horrible and offensive” and that Urban One CEO Alfred Liggins apologized directly to Goldman. 
another 180-calendar day compliance period if it moves its stock to the Nasdaq Capital Market and satisfies other certain requirements. Beasley is the fourth audio company to face delisting this year. Audacy received notice from the New York Stock Exchange and in June engineered a 1-for-30 reverse stock split. Its stock closed at 35 cents per share on Monday (10/16). Salem Media Group received a delisting notice from Nasdaq in June giving it 180 days to rise above the $1 threshold. It closed at 68 cents per share on Monday (10/16). Urban One also received a delisting notice from Nasdaq but not for its share price. That company is late with quarterly reports due to independent accounting issues. 
September 2023 PPM Data – Information for the September 2023 survey period has been released for Austin, Raleigh, Indianapolis, Milwaukee, Nashville, Providence, Norfolk, Jacksonville, West Palm Beach, Greensboro, Memphis, and Hartford.