Urban One has filed a prospectus supplement with the SEC for an equity offering program. It calls for the possible offering and sale of Class A shares with an aggregate offering price of up to $25 million.
The Washington, D.C. based company currently intends to use the net proceeds from sales of the Class A Shares under the ATM Program for general corporate purposes, including repayment of indebtedness. The timing of any sales will depend on a variety of factors.
The Class A Shares will be offered through Jefferies LLC, as the sales agent. Sales may be made at market prices prevailing at the time of the sale, at prices related to prevailing market prices or at negotiated prices and, as a result, sales prices may vary.
Urban One reported a decline in Q2 revenue at the end of July. As Radio Ink reported, COVID 19 was a factor in the decline.
