URBAN ONE, INC. (UONE): Nasdaq/NYSE listing notice — Urban One receives Nasdaq delisting notice, will restate 2021-2022 financials due to MGM interest valuation error
URBAN ONE, INC.
Received Nasdaq non-compliance notice for late 2022 Form 10-K; 60 days to file or submit plan (deadline June 2, 2023).
Restating financial statements for 2021 and interim 2022 due to understatement of MGM National Harbor investment value (put notice of ~$136.8M).
Identified material weakness in internal controls over financial reporting; remediation plan to be detailed in 10-K.
Company expects unqualified audit opinion and 2022 results within previously provided guidance range.
Common stock (UONE, UONEK) faces potential delisting if compliance not regained.
URBAN ONE, INC. reported that prior financial statements should not be relied upon.
Action
non reliance
Exact text from the filing
of the Company’s board of directors (the “Audit Committee”) concluded that the Company’s previously issued financial statements for each of the annual and interim periods ended December 31, 2021 and September 30, 2022, should be restated to accurately state the increased value of the MGM Interest. As such, the Company will restate its financial statements for the Affected Periods in the Company’s 2022 Form 10-K, as described therein.
URBAN ONE, INC. received a nasdaq deficiency notice notice regarding late filing (rules 5250(c)(1)).
Exchange
nasdaq
Notice
deficiency notice
Deficiency
late filing
Rules
5250(c)(1)
Exact text from the filing
April 7, 2023, Urban One, Inc. (the “Company”), issued a press release announcing that it received a letter from the Listing Qualifications Department of the Nasdaq Stock Market LLC (“Nasdaq”) 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 on Form 10-K for the fiscal year ended December 31, 2022 (the “2022 Form 10-K”), with the Securities and Exchange Commission (“SEC”). This notification has no immediate effect on the listing of the Company’s common stock on the NASDAQ. However, i
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