Urban One, Would-Be Richmond Casino Developer, Faces Nasdaq Delisting
Urban One, the radiocommunication and television system conglomerate that’s seeking commendation from voters inward capital of Virginia to build an structured casino resort inwards the Old Dominion State capital, is facing delisting from the Nasdaq stock exchange for regulatory violations.
Urban One has traded on the Nasdaq below the ticker “UONEK” since June 2000, but securities regulators say the society that carries the motto, “Representing Negro America,” hasn’t fulfilled its securities obligations in recent months. Last week, the in public traded entity confirmed it received a “Nasdaq Staff Determination of Non-Compliance.”
Nasdaq officials said the companion is cladding delisting after weakness to file cabinet its 2022 financial annual cover in a well-timed(a) way and additionally filing every quarter reports late. a Nasdaq Staff Determination of Non-Compliance often results inward the publically traded entity being delisted, though companies ut have got pathways to appeal the determination and remain on the stock market.
Company Stresses Compliance
Urban One filed its delayed 2022 one-year story on June 30, nigh deuce months after it was originally due. Urban One’s 4th billet 2022 study was and then filed a calendar week later inward ahead of time July. The company filed its firstly canton 2023 financial sum-up lastly week.
Company officials say the filing delays were partly a ensue of the 2021 Richmond cassino referendum that didn’t spell the firm’s way.
Urban One won a competitory bidding process inwards capital of Virginia to follow deemed the city’s preferred casino developer and operator. Urban One, inwards its rake with Peninsula Pacific Ocean Entertainment, proposed to city voters a $562.5 trillion casino resort hotel projection that was narrowly rejected past a 50.9%-49% vote.
The disappointing outcome for Urban One caused mass discombobulation virtually its finances and projected financial outlook, filings suggested. Urban One said audits found legion(p) method of accounting mishaps and errors inward regard “to the timing expense acknowledgement of non-cash stock-based compensation.”
Urban One inwards July fired its method of accounting firm, BDO USA, and ordained Ernst & Lester Willis Young as the company’s independent registered public accounting firm. Urban One officials say the company’s financial place remains strong and that the filing mishaps were because of hard accounting periods.
Along with the failed Richmond casino referendum, Urban One inwards Mar sold its post in MGM National Harbor for $145.5 million. Urban One had invested $40 1000000 inwards the casino resort outdoors DC inwards tardily 2016. MGM welcomed the peaceful investment inward order to improve its ownership diversity makeup.
Appeal Petitioned
In hopes of remaining on the Nasdaq, Urban One said inward a securities filing that it will forgather with the Nasdaq Hearings Panel on October 20. The auditory sense stays any respite or delisting activeness until the meeting is held.
In connexion with the sense of hearing petition the Company testament request that the stick be extended through the audition and the expiration of any additional prolongation geological period granted by the Hearings Panel next the hearing. In that regard, pursuant to the Nasdaq Listing Rules, the Hearings Panel may subsidization an additional prolongation point through and through Mar 26, 2023,” said Urban One CFO Simon Peter Thompson inwards the securities filing.
Churchill Downs, which is Urban One’s unexampled capital of Virginia gambling casino evolution partner after acquiring Peninsula Pacific Ocean Entertainment endure twelvemonth for $2.5 billion, says Urban One’s securities issues have got no mien on the 2023 gaming referendum. Sir Winston Leonard Spenser Churchill Downs says the society is ready to move forrad with the casino, now known as the Richmond Grand Resort & Casino, at one time metropolis voters go through the referendum on Nov. 7, 2023.
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