SILVER
SPRING, Md., Nov. 20,
2023 /PRNewswire/ -- Today, Urban One, Inc. (the
"Company") reported that it received an Additional Staff Delisting
Determination (the "Additional Staff Determination") from the
Listing Qualifications Department of The Nasdaq Stock Market LLC
("Nasdaq"), noting that the Company is now delinquent in filing its
Form 10-Q for the period ended September 30,
2023 (the "Q3 2023 Form 10-Q") and that the additional
delinquency may serve as a separate basis for the delisting of the
Company's securities from Nasdaq. The Additional Staff
Determination serves as formal notification that the Nasdaq
Hearings Panel (the "Panel") will consider the additional
delinquency in rendering a determination regarding the Company's
continued listing.
The Company requested a hearing before the Panel on October 5, 2023, and, as previously announced on
October 17, 2023, the hearing (the
"Hearing") is scheduled for November 30,
2023. As a part of its compliance plan, the Company filed
its delinquent reports for the quarterly periods ended March 31, 2023 and June
30, 2023 with the Securities and Exchange Commission on
November 20, 2023. The Company
anticipates filing the Q3 2023 Form 10-Q on or about December 31, 2023, and will present its plan to
evidence full compliance with the Nasdaq listing criteria at the
Hearing.
As previously announced, on October 17,
2023, the Panel granted the Company's request to extend the
stay of any suspension of trading pending the ultimate outcome of
the Hearing.
Cautionary Note Regarding Forward-Looking Statements
The Company cautions you certain of the statements in this 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: 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 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 September 1, 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 13 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.
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.