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Urban One Gets Delisting Warning From Nasdaq Stock Exchange.

Urban One received a warning letter from Nasdaq that it was not in compliance with one of its listing rules, the company said Friday. But unlike other publicly traded radio companies that have faced potential delisting because their stock price didn’t meet the minimum average closing price requirement, Urban One has fallen out of compliance for not submitting its annual Form 10-K report to the Securities and Exchange Commission on time.

The warning from Nasdaq’s Listing Qualifications Department explains that its notification “has no immediate effect on the listing of the Company's common stock on the Nasdaq.” But if the African-American media specialist doesn’t regain compliance with the listing rule on time, the stock will be yanked from the stock exchange.

Under Nasdaq rules, Urban One has 60 calendar days to file its 10-K or to submit a plan for regaining compliance. But Urban One says the compliance plan won’t be necessary. “The Company is working diligently and expects to file its 2022 Form 10-K within the 60-day period, which ends on June 2, 2023, which would eliminate the need for the Company to submit a formal plan to regain compliance,” Urban One says in a press release.

The annual 10-K for the fiscal year that ended Dec. 31, 2022 isn’t the only financial document Urban One needs more time to complete. It still hasn’t reported its fourth quarter and full year 2022 financial results.

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