Urban One has received a non-compliance notice from the Nasdaq Stock Market regarding its Class D common stock (UONEK) after falling below the exchange's $1 minimum bid price requirement for 30 consecutive business days. UONEK represents non-voting shares.

UONEK last closed at $1 on December 31.

The notice, received and reported to the SEC on February 11, does not immediately impact the company's Nasdaq listing. The company's Class A common stock (UONE), which closed at $1.36 on February 12, remains unaffected.

Urban One has until August 11 to regain compliance by maintaining a closing bid price of at least $1.00 per UONEK share for ten consecutive business days. If compliance is not restored within this period, the company may qualify for an additional 180-day extension if it meets all other Nasdaq listing requirements, excluding the bid price rule.

Should Urban One fail to meet the criteria, the Class D stock could face delisting from Nasdaq. In response, Urban One has stated it will actively monitor stock performance and explore all available options, including the possibility of seeking shareholder approval for a reverse stock split to meet compliance.

Urban One has faced several compliance challenges with Nasdaq in recent years, primarily due to delays in filing required financial reports.

In April 2023, the company received a non-compliance notice for failing to submit its 2022 Annual Report to the SEC. Despite assurances to file by June 2, 2023, Urban One missed this deadline, and Nasdaq initiated delisting procedures that September. The company attributed these delays to accounting errors and a change in auditing firms. By June, Urban One managed to regain compliance by filing its overdue financial statements.