Online Gaming Platform, Codere, to Contend Against Nasdaq Removal from Listings
Codere Online, a leading iGaming operator in Europe and Latin America, has announced its intention to appeal a delisting notice received from the Nasdaq Stock Market. The pronouncement, delivered on May 16, followed the company's failure to file its Form 20-F for the fiscal year ending December 31, 2024, on time.
The delay in filing the required document is attributed to an extended audit process resulting from engaging a new independent accounting firm at the end of 2024. This change prompted a need for a more meticulous completion of the prior year’s Form 20-F, which was eventually submitted on May 1, 2025, after receiving an extension granted in February 2025.
Codere Online disclosed its plan to file its 2024 Form 20-F by May 30, 2025, and has requested a hearing to appeal Nasdaq’s delisting determination. This move temporarily halts the delisting and potential trading suspension until the hearings panel reviews the case. If the appeal is unsuccessful or the necessary compliance is not achieved, Codere Online may face a trading suspension as early as June 6, 2025. Hearing requests are typically scheduled within 30 to 45 days of submission.
In light of the extended audit process due to a change in independent accounting firms at the end of 2024, Codere Online is planning to appeal the delisting notice received from Nasdaq, intending to discuss the matter in a hearing scheduled within 30 to 45 days of submission. The anticipation of the iGaming operator's appeal is grounded in the resubmission of the overdue Form 20-F for the fiscal year ending December 31, 2024, which details the financial performances and business operations of the company, including necessary technology aspects.
