Urban One’s rush to regain compliance with Nasdaq has paid off, with the stock market halting its delisting procedures against the company. The issue in question was a breach of Nasdaq’s Periodic Filing Rule, which resulted from an accounting snafu with BDO.
In July, Urban One switched firms to Ernst & Young, who assisted in the company’s submission of its Quarterly Report for the quarter ending September 30, 2023, on December 22. This submission rectified the last outstanding issues that would require a cessation of trading.
However, Urban One will remain under Nasdaq’s close scrutiny until December 29, under a Mandatory Panel Monitor. During this monitoring period, Urban One is expected to maintain ongoing compliance with the Periodic Filing Rule. Any failure to comply within this timeframe will result in stricter consequences.
If another filing violation occurs, the company will not have the option to present a new compliance plan or be granted a cure period for any such deficiency. Instead, it will directly face the possibility of delisting, with the opportunity to request a hearing with the initial Hearing Panel or a new panel if necessary.
