As expected, the nation’s leading multimedia company superserving Black consumers has regained compliance with the Nasdaq Stock Market’s Periodic Filing Rule.
Word arrived at Urban One on Thursday from Nasdaq that it is back on the exchange’s good list, now that it is caught up with the filing of quarterly reports on Form 10-Q with the Securities and Exchange Commission through the third quarter of 2023.
While Urban One is now in compliance with the exchange’s filing rule, Nasdaq has informed the company led by Alfred Liggins III 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, Urban One 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, Urban One 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.
Urban One trades as “UONE” and closed Thursday’s trading at $4.03 per share. Preferred shares are traded as “UONEK,” and these completed Thursday’s trading at $3.64.
