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Today, Urban One, Inc. (NASDAQ:UONEK, UONE))))) (the "Company"), reported that it received a letter from the Listing Qualifications Department of the Nasdaq Stock Market LLC ("NASDAQ") on August 16, 2023 (the "Third NASDAQ Letter") notifying the Company that it was not in compliance with requirements of NASDAQ Listing Rule 5250(c)(2) (the "Rule") as a result of not having timely filed (i) its Quarterly Report on Form 10-Q for the period ended March 31, 2023 (the "Q1 2023 Form 10-Q" ) and (ii) its Quarterly Report on Form 10-Q for the period ended June 30, 2023 (the "Q2 2023 Form 10-Q") 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, if the Company fails to timely regain compliance with the Rule, the Company's common stock will be subject to delisting from NASDAQ.
As previously disclosed, the Company received a notice from NASDAQ on April 3, 2023 (the "First Nasdaq Letter"), notifying the Company 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 the Second NASDAQ Letter, also previously disclosed. In accordance with the Second NASDAQ Letter, the Company filed a plan to regain compliance with respect to the 2022 Form 10-K and the Q1 2023 Form 10-Q. NASDAQ accepted the Company's compliance plan and granted the Company 180 days, or until September 27, 2023, for filing the 2022 Form 10-K and the Q1 2023 Form 10-Q to regain compliance. The Company subsequently filed the 2022 Form 10-K on June 30, 2023, however, the Company has yet to file its Q1 2023 Form 10-Q and this, as well as the Company's previously disclosed change of independent registered public accounting firm (as disclosed on a Current Report on Form 8-K filed July 12, 2023), has delayed the Company's preparation and filing of its Q2 2023 Form 10-Q. The Company is in the process of completing its Q1 2023 Form 10-Q and anticipates filing both the Q1 2023 Form 10-Q and the Q2 2023 Form 10-Q on or before September 27, 2023.
