At its recent annual shareholder meeting, Urban One shareholders approved an amendment to the company’s Amended and Restated Articles of Incorporation to permit it to effect a reverse stock split of its
outstanding Class A and Class D Common Stock, at a ratio within a range between one-for-two and one-for-30, subject to and as determined by a committee appointed by the Board of Directors. This comes as the company faces an August 11 deadline for its Nasdaq-traded stock to close at a price above $1 for 10 consecutive sessions, or risk delisting. If that fails, the company could apply for a 180-day grace period but it’s more likely the board goes ahead with the stock split.
