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Silver Spring-based Urban One gets Nasdaq notification of listing rule non-compliance
Silver Spring-based Urban One gets Nasdaq notification of listing rule non-compliance
Listen to this articleSilver Spring-based media company Urban One Inc. Monday reported it received a letter from the Listing Qualifications Department of the Nasdaq Stock Market LLC April 8 notifying the company that it was not in compliance with requirements of Nasdaq Listing Rule 5250(c)(1) as a result of not having timely filed its annual report with the Securities and Exchange Commission (SEC).
Urban One failed to file Form 10-K for the fiscal year ended Dec. 31, 2023 with the SEC. Pursuant to the Nasdaq Listing Rules, the company has been afforded 60 calendar days, or until June 7, to submit a plan to regain compliance. If Nasdaq accepts the compliance plan, the Nasdaq staff may grant Urban One an exception of up to 180 calendar days from the filing’s due date, or until Sept. 11 to regain compliance.
The company said it is working diligently and expects to file its 2023 Form 10-K within the 60-day period, which ends on June 7, which would eliminate the need for Urban One 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, Urban One’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.
