Last month, Urban One acknowledged it would miss the March 15 Annual Report filing deadline for its Form 10-K with the SEC. Now the company has been notified by the Nasdaq Stock Market it is again in noncompliance with Nasdaq Listing Rules.
The Company has received a grace period until June 7 to submit a plan to regain compliance with Nasdaq Listing Rules, following a delay in filing its 2023 Form 10-K. Should Nasdaq approve the plan, the Company may be granted an extension until September 11 to meet the requirements.
Urban One reports it is actively working to file the overdue 10-K within the 60-day window and anticipates meeting this deadline, potentially avoiding the need for a formal compliance plan. This delay is due to the need for additional time required to gather and review essential documentation and complete audits by its new independent accounting firm, Ernst & Young.
This follows previous filing delays that had put Urban One at risk of a Nasdaq delisting earlier in the year. While the company successfully avoided this in January, it remains under scrutiny.
Urban One is still subject to a Mandatory Panel Monitor by Nasdaq until December 29 to ensure compliance with filing rules. This situation does not immediately affect the Company’s Nasdaq listing status. However, failure to comply within the granted time frames could lead to the delisting of the Company’s common stock, although the Company would be permitted to appeal before a Nasdaq Hearings Panel.
The company reassures stakeholders that there will be no revisions to previously audited financial statements. The company expects its fourth quarter and full-year financial results for 2023 to be consistent with projections made during its third-quarter earnings call.
Maybe Alfred isn’t as good as running a company as his Mama thinks. Didn’t his previous company get delisted, too?