RICHMOND, Va. (WRIC) — Urban One — the media company behind the proposed Richmond Grand Resort and Casino — has been granted an extension to the decision regarding its possible suspension from the Nasdaq stock exchange.
The decision will be made pending the hearing scheduled for Nov. 30 and a final decision regarding Urban One’s listing status, according to a filing with the U.S. Securities and Exchange Commission.
This comes after filing forms that stated the company received its first letter of noncompliance from Nasdaq on April 3.
Previously, on May 10, Urban One filed a notification of late filing. Then, a few days later on May 19, Urban One received a second letter of noncompliance.
The company then agreed to regain compliance by submitting the necessary financial paperwork by Sept. 27. However, that deadline was not met.
On Sept. 28, Nasdaq staff notified Urban One that the Nasdaq Hearings Panel will begin the process to potentially delist Urban One’s securities, as Urban One had failed to comply with Nasdaq’s continued listing requirements, the filing said.
Urban One didn’t file its quarterly reports for the “periods ended March 31 and June 30,” according to the filing. On Oct. 5, Urban One appealed the delist determination to the panel, and requested the stay extension, which otherwise would expire on Oct. 20.
The Nasdaq Hearings Panel granted Urban One’s request for the stay extension pending the hearing on Nov. 30 and a final panel decision, meaning that Urban One’s shares will not be delisted before the outcome of the hearing, which is scheduled for Nov. 30.
Urban One anticipates filing the delinquent reports prior to Nov. 30, according to the filing.