Codere Online Faces Nasdaq Delisting, Appeals Decision

Codere Online Luxemburg is facing Nasdaq delisting because of a delayed form submission. The company has decided to appeal the motion, arguing that its delay is due to an ongoing audit of its 2023 financials.

The Company Has Delayed Its Form 20-F for 2023

In its official release, Codere Online explained that, on November 12, 2024, it received a staff determination letter from Nasdaq officials. Listing officials told the company that it plans to delist its securities from The Nasdaq Stock Market because of a Form 20-F Codere has yet to file.

Codere, for context, has not filed its form for 2023, violating Listing Rule 5250(c)(1). The company, however, justified the delay with an ongoing audit of its financial statements for the three years ended December 31, 2023. This audit, Codere insisted, was taking longer than expected, causing additional delays.

According to the letter, Codere can appeal the decision to a hearings panel, in line with the procedures outlined in the Nasdaq Listing Rule 5800 Series. Hearings usually take place 30-45 days following the request submission.

The appeal also stays the suspension of trading for 15 days after the date of the request. Additionally, a further stay can be requested by the company, Codere clarified.

Codere Online Has Appealed the Decision

Codere Online confirmed that its team has requested both a hearing to appeal the delisting and a further stay of suspension of trading during the hearing process. In addition, the company has submitted materals to Nasdaq to explain why it believes that this stay is appropriate.

Codere Online added that it has yet to receive a determination regarding the request for further stay of the suspension. If its request is not granted, the company’s securities will be suspended at the opening of business on December 4, 2024. If that happens, a Form 25-NSE will be filed with with the SEC, removing Codere Online’s securities from listing and registration.

As Codere Online awaits a response from Nasdaq officials, it reiterated its commitment to completing its delayed Form 20-F. The company noted that it should be able to do so within the extension period it plans to seek from the Hearings Panel.