Urban One, Inc. (NASDAQ:UONE), a company specializing in radio broadcasting, held its 2024 Annual Meeting of Stockholders on Monday, where several key proposals were voted upon. The company, headquartered in Silver Spring, Maryland, witnessed the election of six board members and the ratification of Ernst and Young, LLP as its independent auditor for the upcoming fiscal year.
At the meeting, Terry L. Jones and Brian W. McNeill were elected as Class A directors, while Catherine L. Hughes, Alfred C. Liggins, III, B. Doyle Mitchell, Jr., and D. Geoffrey Armstrong were elected as Class B directors. All will serve until the 2025 annual meeting or until their successors are elected.
Additionally, the compensation awarded to named executive officers for 2023 was approved, with a majority of 30,195,222 votes for and 523,072 votes against. Shareholders also voted on the frequency of future advisory votes regarding executive compensation, electing to hold these votes every three years.
An amendment to the Urban One 2019 Equity and Performance Incentive Plan received approval, with 29,848,230 votes for the proposal. Lastly, the appointment of Ernst and Young, LLP as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2024, was ratified with a significant majority.
The election results revealed a strong turnout, reflecting the shareholders' active involvement in the company's governance. The voting outcomes are based on a press release statement, providing transparency to the investing public and stakeholders of Urban One.
Urban One, previously known as Radio One, Inc., operates within the radio broadcasting industry under the SIC code 4832 and is incorporated in Delaware. The company's principal executive offices are located at 1010 Wayne Avenue, 14th Floor, Silver Spring, Maryland.
InvestingPro Insights
While Urban One's shareholders demonstrated active participation in the company's governance, recent financial data from InvestingPro reveals some challenges facing the company. Urban One's market capitalization stands at $79.43 million, reflecting its current position in the broadcasting industry. The company's Price to Book ratio of 0.23 suggests that the stock may be undervalued relative to its book value, which could be of interest to value investors.
However, Urban One's financial health shows some concerning trends. According to InvestingPro Tips, the company is operating with a significant debt burden and is quickly burning through cash. This financial strain is further evidenced by the fact that Urban One has not been profitable over the last twelve months, with a negative P/E ratio of -0.43.
The stock's performance has also been underwhelming, with InvestingPro data showing a one-year price total return of -67.65% as of the most recent data. This aligns with the InvestingPro Tip indicating that the stock has fared poorly over the last month and is currently trading near its 52-week low.
For investors seeking a more comprehensive analysis, InvestingPro offers 8 additional tips that could provide further insights into Urban One's financial situation and market position.
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