Codere Online has announced it has been served a Nasdaq delisting notice but will appeal the decision.
The operator said a letter was received on 16 May stating that Codere Online had been removed from the stock exchange for not filing its Form 20-F for the year ending 31 December 2024.
Form 20-F is an annual report filing required by non-US and non-Canadian companies that have securities trading in the US.
Codere claimed it missed the deadline due to the fact the audit of the operator’s financial statements for the aforementioned period took “longer than expected”.
This was due to Codere Online’s new independent registered public accounting firm and the operator attempting to finalise Form 20-F for the year ending 31 December 2023.
That form was filed with the Securities and Exchange Commission (SEC) on 1 May 2025.
Codere Online said in a statement: “Earlier today, the company formally requested both a hearing to review the delisting determination and a further stay of suspension of trading through the duration of the hearing process.
“Furthermore, in connection with this stay request, the company submitted materials to Nasdaq to explain why this stay is appropriate, as required by Nasdaq.”
Bosses also said they had not yet received a determination regarding the request for this “further stay of suspension of trading”.
They added: “The company continues to work diligently to complete and file with the SEC the 2024 Form 20-F and believes it will be able to do so, thereby regaining compliance with the Public Reports Rule, on or prior to 30 May 2025, ahead of any hearing, and in any event within the extension period the company plans to seek from the Hearings Panel.
“If Nasdaq does not grant the further stay of the suspension of trading of the company’s securities, trading of the company’s securities will be suspended at the opening of business on 6 June 2025.
“If the company fails to obtain an extension period from Nasdaq, a Form 25 NSE will be filed with the SEC, which will remove the company’s securities from listing and registration on The Nasdaq Stock Market.”
Last November, Codere Online appealed a Nasdaq delisting notice for failing to file Form 20-F for the period ending 31 December 2023.
The Spain- and Latam-focused operator reported net gaming revenue for Q1 2025 grew 8% year on year to €57m.
The post Codere Online appeals Nasdaq delisting notice following filing delay first appeared on EGR Intel.
Spain-based operator fails to submit Form 20-F on time for second year running due to financial statement audit taking “longer than expected”
The post Codere Online appeals Nasdaq delisting notice following filing delay first appeared on EGR Intel.