WASHINGTON, D.C. — With Nasdaq warning the company superserving African American consumers on the final day of the third quarter that it has “initiated a process that could result in the delisting” of its stock, Urban One has now disclosed to the Securities & Exchange Commission that it has gained another extension from Bank of America and its lenders to file its quarterly reports for the first half of 2023 — a significant delay caused by the company’s firing of BDO and subsequent hiring of EY to get its financials in order.
As has been reported by RBR+TVBR, the company founded in 1980 by Cathy Hughes and today led by her son, Alfred Liggins III has been late in getting the quarterly earnings finalized and sent to the SEC because of misstatements attributed to BDO of its now-concluded investment in the MGM National Harbor casino report in Prince George’s County, Md.
While the first quarter 2023 results arrived mere moments after Urban One on September 29 confirmed the Nasdaq notice was in hand, Q2 numbers remain absent from public view. And, based on the “Fourth Waiver and Amendment” agreed to on September 29 between Urban One and its lenders, the company now has until November 9 to file its full and complete Q1 2023 report, and until November 14 to do so for its Q2 2023 results.
While the Q1 results were shared by Urban One, they were largely topline figures; a Form 10-Q filing remained necessary.
What happens if these new deadlines aren’t met? Another extension is necessary, or else Urban One will be in default.
— With reporting by Adam R Jacobson, in Boca Raton, Fla.