NEW YORK — The Nasdaq Hearings Panel, which administers whether or not a company can continue to trade its common stock on the financial exchange, has granted a request from the nation’s foremost media company focused on African American consumers to extend an automatic 15-day stay of suspension from the stock market.
This is positive news for Urban One, which has a hearing with Nasdaq scheduled for November 30.
By then, delinquent filings of its quarterly earnings reports on Form 10-Q with the Securities and Exchange Commission for both Q1 and Q2 2023 are expected to be submitted, Urban One notes.
Preliminary Q1 2023 results were quietly released by Urban One. However, detailed financials remain forthcoming.
This is a result of the company’s decision to dismiss BDO USA, LLP as its independent outside auditor and hire EY to handle its books; BDO was fired after Urban One discovered discrepancies pertaining to its holdings in the MGM National Harbor Casino Resort, which the company sold earlier this year.
The lack of required SEC filings in a timely manner triggered a delisting notice from Nasdaq; it is no way tied to a minimum bid requirement, which is presently plaguing Beasley Media Group and what cost Audacy Inc. its NYSE trading ability. Salem Media Group is also working through minimum bid compliance with its stock.
As of 1:40pm Eastern on Wednesday, Urban One’s common stock, UONE, was trading at $5.53 in very light trading.
