The Nasdaq Stock Market has delisted Codere Online, the digital arm of the Spanish gaming company Codere. Non-compliance with Nasdaq’s “public reporting rule,” specifically Listing regulation 5250(c)(1), is cited in the notification. Codere Online is actively resolving the matter and has challenged the ruling.
Reporting Delays During Strong Market Performance
Unlike many delistings triggered by weak stock performance, Codere Online’s shares have performed exceptionally well, rising 157.82% year-to-date. Shares recently closed at $7.58, underscoring the company’s market resilience. The delisting threat arises from the company’s delayed filing of its Form 20-F, which covers financial statements for the past three years.
The delay stems from an extended audit process initiated after engaging a new accounting firm in March 2024. Codere Online has assured stakeholders that it is working diligently to finalize and submit these filings to the Securities and Exchange Commission (SEC).
In response to the notice, Codere Online has requested a hearing with Nasdaq. This appeal temporarily halts the delisting and suspension of trading for 15 days, allowing business to continue as usual during this period.
The company anticipates the hearing to occur within 30-45 days of its request, potentially by January 2025. In a statement, Codere Online expressed confidence in its ability to meet compliance requirements.
“The Company continues to work diligently to complete and file with the SEC the Form 20-F and believes it will be able to do so, thereby regaining compliance with the Public Reports Rule,” Codere said.
If Codere Online completes its filings before the hearing, the delisting process may be averted entirely. However, without further extensions, Nasdaq could remove the stock from its exchange before trading begins on December 4.
The post Codere Online Faces Nasdaq Delisting Over Reporting Delay appeared first on iGaming.org.