SILVER SPRING, Md. - Urban One, Inc. announced Thursday that it has received a second notification from the Nasdaq Listing Qualifications Department regarding additional non-compliance with Nasdaq's Periodic Filing Rule. The notice, dated May 23, 2024, indicated the company's failure to file its Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, in a timely manner.
Previously, on April 8, 2024, Urban One was notified of non-compliance for not filing its Annual Report on Form 10-K for the fiscal year ended December 31, 2023. Together, these documents are referred to as the "Delayed Filings."
Urban One has until June 7, 2024, to either file the Delayed Filings or submit a plan to regain compliance. If the plan is accepted by Nasdaq, the company may be granted an extension until September 30, 2024, to achieve compliance.
The company expressed its intention to file the Delayed Filings by the June 7 deadline, which would negate the need for a compliance plan. Currently, the non-compliance notice does not affect the listing of Urban One's common stock on Nasdaq. However, if compliance is not regained in a timely manner, the company's stock is at risk of being delisted.
Urban One, Inc. is the largest diversified media company focused on African American and urban audiences in the United States. It operates a variety of media outlets, including TV One and 72 radio broadcast stations across 15 urban markets. The company also manages digital platforms targeting the African American community and holds a minority interest in MGM National Harbor, a gaming resort in Maryland.
The information in this article is based on a press release statement.
InvestingPro Insights
As Urban One, Inc. navigates through its current reporting compliance challenges with Nasdaq, investors may be looking closely at the company's financial health and market performance. Recent data from InvestingPro offers some insights that could be relevant for stakeholders monitoring the situation.
InvestingPro data indicates that Urban One (UONEK) has a market capitalization of $77.72 million and is trading at a low Price/Book multiple of 0.29 as of the last twelve months ending Q3 2023. This suggests that the company's stock might be undervalued relative to its book value, which could be an attractive entry point for value investors. Additionally, despite a tumultuous period reflected by a significant drop in its stock price over the last year, the company remains profitable with a reported gross profit margin of 72.1% during the same period.
From an investment perspective, Urban One's stock has experienced substantial volatility, with a one-year price total return of -73.65%, indicating that the stock has faced downward pressure. However, this could also present a potential opportunity for investors who believe in the company's fundamentals and long-term prospects. Furthermore, the InvestingPro Tips highlight that the stock is trading near its 52-week low and has liquid assets that exceed short-term obligations, which could provide some financial stability in the short term.
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