Codere Online has brought another chapter of its story to a successful conclusion with the completion of the DD3 Acquisition Corp. deal, allowing it to list on the NASDAQ Stock Exchange and add a new specialist to its ranks.
DD3 Deal Completion and NASDAQ Listing
A trifecta of happy events will chart a new course for Codere Online. The company business merger with DD3 stakeholders was previously greenlit by shareholders in November. As a result, Codere expects to generate net proceeds.
The addition of fresh funds will be used by Codere Online to spearhead its growth in the region, with Latin America remaining a priority for the company, which has invested in various technological solutions to continually evolve the sophistication of its gaming platform.
Commenting on this development, Codere Online managing director Moshe Edree said that the company was happy to be able and continue on its growth journey in the region and beyond. The deal has also allowed the company to debut on the NASDAQ Stock Exchange, becoming the first Latin American iGaming entity that is publicly listed in the United States. Commenting on this, Edree added:
“We are very excited to have completed this transaction after months of hard work and look forward to deploying the funds obtained to deliver on our mission to become one of the leading online gaming and sports betting operators in Latin America.”Codere Online managing director Moshe Edree
Codere Group CEO Vicente Di Loreto argued that the recent restructuring of the group and the new resources would allow the division to excel in what is a challenging but value-added sector. This financial momentum comes with the appointment of Patrick Ramsey as chairman of the board of directors and a member of the company’s audit committee.
Ramsey Steps in to Boost Company Expertise
Ramsey is stepping as a non-executive independent director and chairman of the board. He will also be involved with the company’s audit committee. He enjoys endorsement by both Codere and DD3 and is held in high regard by industry peers.
With over 20 years of experience in casino operations, gaming tech, and management, Ramsey is an indelible part of the future success of Codere. He has similarly held a position at Harrah’s, which rebranded to Caesars Entertainment. He has experience in NASDAQ-traded companies from the gaming sector and used to be a chief executive officer for Multimedia Games.
He later joined Aristocrat Technologies and served as a chief digital officer. He presently remains active with Aristocrat as lead US director for the board and a chairman of the regulatory and compliance committee.
He is also a member of the board of directors at Simplebet, another established betting firm. Commenting on his appointment, Edree said that the company was thrilled to have Ramsey join it as it seeks to scale up its reach and enter new markets. Ramsey himself is confident in the future of the company, commenting:
“Codere Online operates in the fast-growing online segment of the gaming sector and is well-positioned to execute its business plan. I look forward to working with my fellow Directors to support Moshe and his team as they pursue the exceptional opportunities that lie ahead.”Codere chairman of the board Patrick Ramsey
Following its restructuring in November, Codere has been on a roll, with more regional initiatives slowly beginning to emerge.