Codere Online Appeals Nasdaq Delisting Decision
Online sports betting and casino operator Codere Online has formally submitted an appeal to Nasdaq over the exchange's delisting decision, seeking a review and a stay of suspension of trading.
On May 16, 2025, the company received a letter from Nasdaq's Listing Qualifications Department, notifying it that its securities would be delisted from the Nasdaq Stock Market.
In the notice, the exchange attributed the delisting decision to Codere Online's failure to submit its 2024 Form 20-F in a timely manner, a requirement under Nasdaq's Public Reports Rule.
The letter states that the operator has the option to appeal the delisting decision to a Nasdaq hearings panel, as outlined in the 5800 Series of Nasdaq's listing rules. It also notes that the company can ask for an extension of the trading suspension stay until the hearing process is completed.
Last Thursday, May 22, Codere Online submitted a formal request for a hearing to review the delisting decision and a stay of the trading suspension until the hearing process was completed.
Hearings are generally scheduled within 30-45 days of the hearing request date. The hearing will halt the delisting process for the company's securities on Nasdaq until it concludes. It will also automatically put the trading suspension of the company's securities on hold for 15 days from the date the request is made.
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Audit Delays and Compliance Efforts
Codere Online attributes the delay in filing the 2024 Form 20-F to the extended time required to finalize the audit of its financial statements for the year ended December 31, 2024. The company also cited the engagement of a new accounting firm on December 31, 2024, and its efforts to finalize the 2023 Form 20-F, which was filed with the SEC on May 1, 2025.
Additionally, the betting operator has submitted necessary materials to Nasdaq to support its stay request. It stated that it remains committed to completing the 2024 Form 20-F and filing it with the SEC by May 30, 2025, which will bring it back into compliance with the Public Reports Rule before the hearing and within the extension period.
Nasdaq is yet to issue a decision regarding the company's request for a further stay of trading suspension. If the exchange denies the company's request, its securities will be suspended from trading at the opening of business on June 6, 2025.
Furthermore, if Codere Online is unable to secure an extension from Nasdaq, the latter will file a Form 25-NSE with the SEC, resulting in the delisting and deregistration of the company's securities from the stock market.
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