Brief: Urban One Says Management, Audit Committee Said Co's Financial Statements For Annual, Interim Periods Ended Dec 31, 2021, Sept 30, 2022, To Be Restated

Urban One

07/04/2023 21:22

April 7 (Reuters) - Urban One Inc  UONEK.O :
    * URBAN ONE- MANAGEMENT, AUDIT COMMITTEE SAID CO'S FINANCIAL
STATEMENTS FOR ANNUAL, INTERIM PERIODS ENDED DEC 31, 2021, SEPT
30, 2022, TO BE RESTATED
    * URBAN ONE -  MANAGEMENT CONCLUDED THAT IN LIGHT THE ERROR,
MATERIAL WEAKNESS EXISTS IN INTERNAL CONTROL OVER FINANCIAL
REPORTING FOR AFFECTED PERIODS
    * URBAN ONE-DETERMINED ADJUSTMENTS REQUIRED TO FINANCIAL
STATEMENTS AS OF JAN1, 2021,FOR AFFECTED PERIODS DUE TO
UNDERSTATEMENTS IN VALUE OF MGM INTEREST
    * URBAN ONE INC - WORKING DILIGENTLY AND EXPECTS TO FILE ITS
2022
FORM 10-K WITHIN 60-DAY PERIOD, WHICH ENDS ON JUNE 2, 2023
    * URBAN ONE - DOES NOT EXPECT TO REPORT FINANCIAL RESULTS
FOR Q4
AND FY ENDED DEC 31, 2022 THAT ARE MATERIALLY DIFFERENT FROM
FINANCIAL GUIDANCE RANGE

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