WASHINGTON, D.C. — The nation’s foremost multimedia company superserving African American consumers has confirmed that it is in receipt of a letter from the Nasdaq stock market notifying it that it is not in compliance with its listing rule.
It’s hardly a surprise, and as far as Urban One is concerned, it’s merely a formality.
The company led by Alfred Liggins III (pictured, top left) and founded by his mother, Cathy Hughes, as Radio One on August 16 received a third notice from the Listing Qualifications Department of the Nasdaq Stock Market.
In short, Urban One is not in compliance with requirements of Nasdaq Listing Rule 5250(c).
And, Urban One is well aware of it and anticipated it, as it has neither timely filed its Quarterly Report on Form 10-Q for the period ended March 31, 2023 nor its Quarterly Report on Form 10-Q for the period ended June 30, 2023 with the Securities and Exchange Commission.
These delinquent filings are tied to the statement of earnings reports associated with a misread on the valuation of Urban One’s former investment in the MGM National Harbor Resort. The need to recalculate quarters of earnings led the dismissal of its independent outside accounting firm, and the immediate transfer of its books to a new auditing firm.
The notification from Nasdaq has no immediate effect on the listing of the company’s common stock, “UONE,” on the NASDAQ.
Urban One’s publicly traded shares finished Tuesday’s trading at $5.01.
The company reiterated that it 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, keeping Urban One within Nasdaq listing requirements.
