Codere Online Asks Nasdaq to Stay the Suspension of Its Stock

Codere Online confirmed its intention to challenge The Nasdaq Stock Market’s delisting threat. To that end, the company requested a hearing and a further say of suspension of trading.

Codere’s 2024 Report Was Delayed

Consistent with a prediction Codere Online made in its Q1 report, the company received a staff determination letter from the Nasdaq Listing Qualification Department. The letter, which was received by Codere on May 16, informed the company of the Nasdaq Staff’s determination to delist its stock.

The stock market justified its decision with the fact that Codere Online had not filed its Form 20-F for the year ended December 31, 2024, thus violating the Nasdaq’s listing rules.

Codere, however, argued that the delay was due to the finalization of the audit for the Company’s financial statements for the year, which has been taking longer than expected. Codere justified this with the fact that, at the end of 2024, it engaged a new independent accounting firm.

For context, Codere Online parted ways with its auditor Marcum in December and, as a result, the latter was unable to complete the audit procedures Codere needed.

Codere Requested a Hearing

In line with the terms of the letter, Codere Online announced that it has requested both a hearing to review the delisting determination and a further stay of suspension of trading through the duration of the hearing process.

Codere clarified that it has submitted materials to the Nasdaq to justify its request. As of the time of this writing, however, it has yet to receive a response from the market.

In the meantime, Codere continues to work diligently to complete and file its 2024 Form 20-F. The company said that, if everything goes according to plan, it should be able to do so no later than May 30, 2025.

In case the Nasdaq refuses to grant a further stay of the suspension of trading of Codere Online’s securities, they will be suspended once trading opens on June 6, 2025.