Codere Online submits formal appeal against Nasdaq delisting
The operator has been suspended from the stock market for failure to file its FY 2024 Form 20-F.
Key Points
- Codere Online has been notified of its imminent delisting from the Nasdaq stock exchange
- This action comes following the operator’s failure to submit if FY 2024 Form F-20 to the SEC
- Codere has officially appealed the decision, and is now seeking a hearing and review process into the determination
Operator Codere Online has received official notification of its delisting from the Nasdaq stock exchange, following its failure to submit its full-year 2024 Form 20-F.
As such, the company is now appealing the decision via the requesting of both a hearing and review pertaining to the delisting conclusion – alongside a further stay of suspension of trading to be allowed through the appeal process.
Typically, hearing requests are scheduled to occur between 30 and 45 days following the submission of appeal. Codere has also confirmed that it has not yet received confirmation of its request for the further stay of suspension of trading.
This latest development comes following the operator’s failure to submit its FY 2024 Form F-20 – a type of annual report required by the Securities Exchange Commission (SEC) by foreign private issuers for the year prior.
This is not the first time that Codere has been in contention with the SEC over this specific type of form, as the company was also delayed in submitting its FY 2023 Form F-20, successfully obtaining a listing extension from Nasdaq in February following an official hearing. Indeed, the hearing determined that the FY 2023 Form F-20 must be submitted by May 30 – with Codere eventually filing the report on May 1.
Good to know: Last week, Codere Online reported its Q1 2025 financial results – revealing $31.2m in Mexico revenue
Pertaining to this latest delay in the submission of Codere’s FY 2024 Form F-20 – if Nasdaq does not grant the company’s request for a further stay of suspension of trading, the operator’s securities will be suspended from the stock market from June 6, 2025.
In additional recent related company news, Codere Online also launched a new commemorative jersey that will travel with Club de Fútbol Monterray (Rayados) to the FIFA Club World Cup 2025.
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