secwatch.observer — SEC 8-K summary
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Issuer:     URBAN ONE, INC. (UONE)
CIK:        0001041657
Form:       8-K
Filed at:   2023-09-29T23:59:59+00:00
Accession:  0001558370-23-016174
Event type: regulatory
Sentiment:  negative
Materiality: 0.85
Item codes: 2.02, 3.01, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Urban One receives Nasdaq delisting notice; preliminary Q1 2023 Adj. EBITDA $30M, revenue $110M
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1041657/000155837023016174/0001558370-23-016174-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1041657/000155837023016174/uone-20230928x8k.htm
  HTML page:      https://secwatch.observer/filing/0001558370-23-016174

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer