Urban One issues put for MGMNH stake, expects $145.5M; delays 10-K, cites control weaknesses

URBAN ONE, INC.

Put notice for 100% of MGM National Harbor interest; expects ~$145.5M cash including FY2022 distribution.
Filed Form 12b-25 for late 10-K; expects to file within 15-day extension by March 31, 2023.
Identified material weaknesses in internal control over financial reporting as of Dec 31, 2022.
No changes to prior audited financials; FY2022 results not materially different from Q3 guidance.
Auditor expected to issue unqualified opinion on consolidated financial statements.

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