Codere Online has formally requested a hearing and a stay of suspension from The Nasdaq Stock Market in response to a delisting determination issued by the exchange’s Listing Qualification Department.
Delisting Threat Amid Financial Report Delays
On May 16, 2025, Codere Online received a staff determination letter from Nasdaq, citing the company’s failure to file its Form 20-F for the fiscal year ending December 31, 2024. This noncompliance violates Nasdaq’s listing regulations, prompting the potential delisting of Codere Online’s stock.
The company acknowledged the delay but attributed it to the finalization of its financial audit, which has taken longer than expected following its transition to a new independent accounting firm at the end of 2024. Previously, Codere Online ended its engagement with auditor Marcum in December, leaving some audit procedures incomplete.
Codere’s Next Steps
Codere Online has officially requested a hearing to review Nasdaq’s decision and submitted supporting documentation to justify its request for an extended stay of trading suspension until the matter is resolved.
As of now, Nasdaq has not responded to the company’s appeal. Meanwhile, Codere is working diligently to complete and file its overdue 2024 Form 20-F, with a projected filing deadline of May 30, 2025.
If the Nasdaq denies Codere Online’s request, its stock will be suspended at market open on June 6, 2025.
Codere Online remains committed to resolving the issue and maintaining its Nasdaq listing status, assuring stakeholders that efforts are underway to meet compliance requirements.
