Radio and television broadcaster Urban One received a letter from NASDAQ this week warning the company that it was not in compliance with requirements for listing on the exchange.
The warning comes after Urban One failed to file timely reports related to its financial earnings, to include both annual and quarterly disclosures, the company said.
“This notification has no immediate effect on the listing of the company’s common stock on the NASDAQ,” a spokesperson for Urban One said in a statement. “However, if the company fails to timely regain compliance with the rule, the company’s common stock will be subject to delisting from NASDAQ.”
Urban One says it has until June 2 to bring the company in compliance with NASDAQ’s disclosure rule. Officials at Urban One say they will submit a plan to regain compliance by that day, which could include requesting an extension to late September to file the reports.
Based in Maryland, Urban One operates more than five dozen radio stations as well as cable networks TV One and Cleo TV. It also operates a robust podcast network that delivers on-demand audio programs. The company is minority-owned and targets African-American television viewers and radio listeners through its various media properties.
As a media company, Urban One’s stock price has grown at a healthy rate since the beginning of the year, increasing its valuation by 51 percent since January 1. On Wednesday, shares of Urban One’s class A stock closed at $7.10, down from $7.56 per share reported one month ago.
