SILVER
SPRING, Md., April 12,
2024 /PRNewswire/ -- Today, Urban One, Inc.
(NASDAQ: UONEK and UONE) (the "Company"), reported that on
April 8, 2024 it received a letter
from the Listing Qualifications Department of the Nasdaq Stock
Market LLC ("Nasdaq") notifying the Company that it was not in
compliance with requirements of Nasdaq Listing Rule 5250(c)(1) (the
"rule") as a result of not having timely filed its Annual Report on
Form 10-K for the fiscal year ended December 31, 2023 (the "2023
Form 10-K"), with the Securities and Exchange Commission
("SEC").
Pursuant to the Nasdaq Listing Rules, the Company has been
afforded 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.
The Company is working diligently and expects to file its 2023
Form 10-K within the 60-day period, which ends on June 7, 2024, which would eliminate the need for
the Company to submit a formal plan to regain compliance.
This notification has no immediate effect on the listing of the
Company's common stock on Nasdaq. However, if the Company
fails to timely regain compliance with the Rule, the Company's
common stock would be subject to delisting from Nasdaq; however,
the Company would first be afforded the opportunity to request a
hearing before an independent Nasdaq Hearings Panel.
Cautionary Note Regarding Forward-Looking Statements
The Company cautions you certain of the statements in this
Form 8-K or in its press release may represent "forward-looking
statements" as defined in Section 27A of the United States
Securities Act of 1933, as amended, and Section 21E of the United
States Securities Exchange Act of 1934, as amended. These
statements are based on assumptions believed by the Company to be
reasonable and speak only as of the date on which such statements
are made. Without limiting the generality of the foregoing, words
such as "expect," "believe," "anticipate," "intend," "plan,"
"project," "will" or "estimate," or the negative or other
variations thereof or comparable terminology are intended to
identify forward-looking statements. Except as required by law, the
Company undertakes no obligation to update such statements to
reflect events or circumstances arising after such date and
cautions investors not to place undue reliance on any such
forward-looking statements. Forward-looking statements involve
risks and uncertainties that could cause actual results to differ
materially from those described in the statements based on a number
of factors, including but not limited to the following: the extent
of the impact of the COVID-19 global pandemic or any other
epidemic, disease outbreak, or public health emergency, including
the duration, spread, severity, and any recurrence of the COVID-19
pandemic, the duration and scope of related government orders and
restrictions, the impact on our employees, economic, public health,
and political conditions that impact consumer confidence and
spending, including the impact of COVID-19 and other health
epidemics or pandemics on the global economy; the rapidly evolving
nature of the COVID-19 pandemic and related containment measures,
including changes in unemployment rate; the impact of political
protests and curfews imposed by state and local governments; the
cost and availability of capital or credit facility borrowings; the
ability to obtain equity financing; general market conditions; the
adequacy of cash flows or available debt resources to fund
operations; and other risk factors described from time to time in
the Company's Forms 10-K, Forms 10-K/A, Forms 10-Q, Forms 10-Q/A
and Form 8-K reports (including all amendments to those
reports).
About Urban One:
Urban One Inc. (urban1.com), together with its subsidiaries, is
the largest diversified media company that primarily targets Black
Americans and urban consumers in the
United States. The Company owns TV One, LLC (tvone.tv), a
television network serving more than 59 million households,
offering a broad range of original programming, classic series and
movies designed to entertain, inform, and inspire a diverse
audience of adult Black viewers. As of December 31, 2023, we owned and/or operated 72
independently formatted, revenue producing broadcast stations
(including 57 FM or AM stations, 13 HD stations, and the 2 low
power television stations) branded under the tradename "Radio One"
in 15 urban markets in the United
States. Through its controlling interest in Reach Media,
Inc. (blackamericaweb.com), the Company also operates syndicated
programming including the Rickey Smiley
Morning Show, the Russ Parr Morning
Show, and the DL Hughley Show. In addition to its radio and
television broadcast assets, Urban One owns iOne Digital
(ionedigital.com), our wholly owned digital platform serving the
African American community through social content, news,
information, and entertainment websites, including its Cassius,
Bossip, HipHopWired and MadameNoire digital platforms and brands.
We also have invested in a minority ownership interest in MGM
National Harbor, a gaming resort located in Prince George's County, Maryland. Through our
national multi-media operations, we provide advertisers with a
unique and powerful delivery mechanism to the African American and
urban audiences.
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SOURCE Urban One, Inc.