URBAN ONE, INC. (UONE): Nasdaq/NYSE listing notice — Urban One receives Nasdaq delisting notice; preliminary Q1 2023 Adj. EBITDA $30M, revenue $110M

URBAN ONE, INC.

Nasdaq initiated delisting process due to failure to file Q1 and Q2 2023 10-Qs; hearing requested by Oct 20, 2023.
Preliminary Q1 2023: consolidated revenue ~$109.9M, Adj. EBITDA ~$30.0M, down from $112.1M and $42.0M YoY.
Cable TV segment Adj. EBITDA fell to $20.4M from $30.3M YoY, driven by drop in audience ratings (Prime p25-54 33,000 vs 48,000).
FY 2023 Adj. EBITDA guidance set at $125M-$128M; cash balance ~$201.5M as of Sept 25, 2023 (incl. $13M restricted).
Accounting errors identified: non-cash stock-based comp timing and 75% Richmond casino JV consolidation; expects to file soon.

item 2.02 item 3.01 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.92

URBAN ONE, INC. reported the period ended March 31, 2023 results: revenue $109.9 million.

Period: the period ended March 31, 2023
Revenue: $109.9 million
Result: preliminary results

Exact text from the filing

On September 29, 2023, Urban One, Inc. (the “Company”) provided certain preliminary financial results with respect to the period ended March 31, 2023. The Company noted it expected consolidated net revenues of approximately $109.9 million and consolidated Adjusted EBITDA 1 of approximately $30.0 million

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Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.95

URBAN ONE, INC. received a nasdaq deficiency notice notice regarding late filing (rules 12B-25).

Exchange: nasdaq
Notice: deficiency notice
Deficiency: late filing
Rules: 12B-25

Exact text from the filing

August 16, 2023 (the “Third Nasdaq Letter”), notifying the Company that it was not in compliance with requirements of the Rule as a result of not having timely filed the Delinquent Reports. As previously disclosed, the Company received a notice from Nasdaq on April 3, 2023 (the “First Nasdaq Letter”), notifying the Company that it was not in compliance with the Rule due to its delay in filing the 2022 Annual Report on Form 10-K (the “2022 Form 10-K”). On May 10, 2023, the Company filed a Form 12b-25 Notification of Late Filing with respect to its Q1 2023 Form 10-Q, triggering a second letter f

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URBAN ONE, INC. filing history →

Source: SEC EDGAR

accession 0001558370-23-016174

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