WASHINGTON, Aug. 18, 2020 /PRNewswire/ -- Urban One,
Inc. (NASDAQ: UONE and UONEK) announced today that it has filed a
prospectus supplement with the Securities and Exchange Commission
("SEC"), pursuant to which it may offer and sell shares of its
Class A common stock (the "Class A Shares") having an aggregate
offering price of up to $25,000,000
from time to time through an "at-the-market" equity offering
program (the "ATM Program"). The Company currently intends to use
the net proceeds from sales of the Class A Shares under the ATM
Program for general corporate purposes, including repayment of
indebtedness. The timing of any sales will depend on a variety of
factors.
The Class A Shares will be offered through Jefferies LLC
("Jefferies"), as sales agent. Jefferies may sell Class A Shares by
any method permitted by law deemed to be an "at-the-market
offering" as defined in Rule 415 of the Securities Act of 1933, as
amended, by means of ordinary brokers' transactions on the Nasdaq
Stock Market or into any other existing trading market for the
Class A Shares and such other sales as agreed upon by the Company
and Jefferies. Sales may be made at market prices prevailing at the
time of the sale, at prices related to prevailing market prices or
at negotiated prices and, as a result, sales prices may vary.
The Company's prospectus supplement filed today with the SEC
adds to, updates or otherwise changes information contained in the
accompanying prospectus contained in a shelf registration statement
on Form S-3 (File No. 333-241635) for the offering of Class A
Shares. Prospective investors should read the prospectus, the
prospectus supplement and other documents the Company has filed
with the SEC (some of which are incorporated by reference into the
prospectus and prospectus supplement) for more complete information
about the Company, the ATM Program and the risks the Company
currently is facing due to the spread of COVID-19. Before
making an investment decision regarding the Class A Shares, please
read the prospectus, including the related prospectus supplement,
and other documents the company has filed, or will be filed, with
the SEC for more complete information about the company, the Class
A Shares and the ATM Program. Copies of the prospectus, the
prospectus supplement and the registration statement may be
obtained, without charge, by visiting the SEC's website
at www.sec.gov or by contacting: Jefferies, LLC, 520
Madison Avenue, New York, New York
10022, Attention: Equity Syndicate Prospectus Department,
Email:prospectus_department@Jefferies.com or Telephone: (877)
821-7388.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy securities, nor shall there be any
sale of these securities, in any state or other jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or other jurisdiction.
About Urban One
Urban One, Inc. (urban1.com), together with its subsidiaries, is
the largest diversified media company that primarily targets Black
Americans and urban consumers in the
United States. The Company owns TV One, LLC (tvone.tv), a
television network serving more than 59 million households,
offering a broad range of original programming, classic series and
movies designed to entertain, inform and inspire a diverse audience
of adult Black viewers. As of June
2020, Urban One currently owns and/or operates 61 broadcast
stations (including all HD stations, translator stations and the
low power television stations we operate) branded under the
tradename "Radio One" in 14 urban markets in the United States. Through its controlling
interest in Reach Media, Inc. (blackamericaweb.com), the Company
also operates syndicated programming including the Rickey Smiley
Morning Show, the Russ Parr Morning
Show and the DL Hughley Show. In addition to its radio
and television broadcast assets, Urban One owns iOne Digital
(ionedigital.com), our wholly owned digital platform serving the
African-American community through social content, news,
information, and entertainment websites, including its Cassius,
Bossip, HipHopWired and MadameNoire digital platforms and brands.
We also have invested in a minority ownership interest in MGM
National Harbor, a gaming resort located in Prince George's County, Maryland. Through our
national multi-media operations, we provide advertisers with a
unique and powerful delivery mechanism to the African-American and
urban audiences.
Forward-Looking Statements
Forward-looking statements in this press release regarding
potential sales of Class A Shares pursuant to the Company's ATM
Program, intended use of net proceeds from sales of the Class A
Shares under the ATM Program, timing of sales, and all other
statements that are not historical facts, are made under the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. These statements are based on assumptions believed by the
Company to be reasonable and speak only as of the date on which
such statements are made. Without limiting the generality of the
foregoing, words such as "expect," "believe," "anticipate,"
"intend," "plan," "project," "will" or "estimate," or the negative
or other variations thereof or comparable terminology are intended
to identify forward-looking statements. Except as required by law,
the Company undertakes no obligation to update such statements to
reflect events or circumstances arising after such date and
cautions investors not to place undue reliance on any such
forward-looking statements. Forward-looking statements involve
risks and uncertainties that could cause actual results to differ
materially from those described in the statements based on a number
of factors, including but not limited to the following: the extent
of the impact of the COVID-19 global pandemic or any other
epidemic, disease outbreak, or public health emergency, including
the duration, spread, severity, and any recurrence of the COVID-19
pandemic, the duration and scope of related government orders and
restrictions, the impact on our employees, economic, public health,
and political conditions that impact consumer confidence and
spending, including the impact of COVID-19 and other health
epidemics or pandemics on the global economy; the rapidly evolving
nature of the COVID-19 pandemic and related containment measures,
including changes in unemployment rate; the impact of political
protests and curfews imposed by state and local governments; the
cost and availability of capital or credit facility borrowings; the
ability to obtain equity financing; general market conditions; the
adequacy of cash flows or available debt resources to fund
operations; and other risk factors described from time to time in
the Company's Form 10-K, Form 10-Q, and Form 8-K reports (including
all amendments to those reports); and the base prospectus and the
prospectus supplement used for the offering filed with the U.S.
Securities and Exchange Commission.
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SOURCE Urban One, Inc.