Company: UONE
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001041657-25-000034
Chunk: 145

Company: URBAN ONE, INC.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 2
Chunk 145
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 the Company has limited but ongoing authority to purchase shares of Class D common stock (in one or more transactions at any time there remain outstanding grants) under the 2019 Equity and Performance Incentive Plan. This limited authority is used to satisfy any employee or other recipient tax obligations in connection with the exercise of an option or a share grant under the 2019 Equity and Performance Incentive Plan, to the extent that the Company has capacity under its financing agreements (i.e., its current credit facilities and indentures) (each a “Stock Vest Tax Repurchase”). 

On June 10, 2024, the Company’s Board of Directors approved a share repurchase authorization to repurchase up to $20.0 million of the Company's outstanding Class A and/or Class D common stock (collectively, the “2024 Stock Repurchase Program”).

During the three months ended March 31, 2025, the Company repurchased 449,252 shares of Class A Common Stock under the 2024 Stock Repurchase Program in the amount of approximately $0.7 million at an average price of $1.48 per share.

During the three months ended March 31, 2025, the Company repurchased 204,646 shares of Class D Common Stock in the amount of approximately $0.2 million at an average price of $0.82 per share. During the three months ended March 31, 2024, the Company did not repurchase any shares of Class D Common stock. After giving effect to the above transaction, the 2024 Stock Repurchase Program has approximately $12.7 million remaining under the authorization. See Note 15 - Subsequent Events of our condensed consolidated financial statements for additional purchases subsequent to March 31, 2025.

During the three months ended March 31 2024, the Company executed Stock Vest Tax Repurchases of 370,767 shares of Class D Common Stock in the amount of approximately $1.3 million at an average price of $3.48 per share.

During the three months ended March 31 2025, the Company executed Stock Vest Tax Repurchases of 125,965 shares of Class D Common Stock in the amount of approximately $0.1 million at a price of $0.98 per share. 

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On January 25, 2021, the Company closed on an offering (the “2028 Notes”) of $825.0 million in aggregate principal amount of the