Urban One Delays Annual Report, Says Stock In Danger Of Nasdaq Delisting.

Story by Inside Radio

Urban One says it’s delaying the publication of its annual report because of the COVID-19 crisis and that its stock may be delisted if the African-American-focused media company is unable to maintain its current share price.

In a 10-K filing with the Securities and Exchange Commission on Wednesday, the Silver Spring, MD-based broadcaster says it will be unable to file its annual report in the legally required timeframe of March 1 to July 1. Urban One says it will take advantage of the SEC’s regulatory relief guidance that allows companies affected by the coronavirus to take a 45-day extension to file certain disclosures.



On the Form 10-K, the company provides a comprehensive overview of its business and financial condition, including audited financial statements. The annual report on the Form 10-K is distinct from the annual report companies send to shareholders.

Urban One says the state of Maryland’s declaration to enforce “social distancing” forced it to transition its business operations to a remote working model.

“As a result of these measures, the routine efforts of the company’s accounting and finance personnel to complete the audit and prepare the company’s financial statements and disclosures have taken a greater amount of time and the company was unable to finalize and file its Annual Report on a timely basis to meet its pre-Order filing deadline of March 30, 2020.”

The company added that the terms of its debt may restrict future operations and “could limit our ability to respond to market conditions or meet extraordinary capital needs.”

Urban One also said that if it fails to meet certain criteria it may be unable to maintain its stock listing on the Nasdaq Capital Market.

The market requires that a listing trade above $1 per share. Urban One’s stock price closed at $1.06 twice during the past month. In response to the pandemic, Nasdaq recently offered temporary relief from the continued listing bid price and market value of publicly held shares through June 30, 2020.