November 19, 2021 Legal, Merger Aquisition

Stockholders approve Codere Online business combination

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DD3 Acquisition corp. II approved the decision on November 18, 2021.

Announced today, Codere Online, an operator with a large footprint in the LatAm market, has come to an agreement with the publicly traded special acquisition company, DD3 Acquisition Corp. II.

The decision, made on November 18, 2021, during a meeting of DD3 stockholders, sees the approval of the proposed business combination of the SPAC and Codere Online.

In a statement, the operator said: “The Proposed Business Combination is expected to close on or about November 30, 2021, subject to the satisfaction of certain customary closing conditions. The ordinary shares and warrants of Codere Online Luxembourg, S.A. (“Holdco”) are expected to begin trading on the Nasdaq Capital Market under the symbols “CDRO” and “CDROW,” respectively, following the consummation of the Proposed Business Combination.”

This comes after news leaked regarding the creation of a new holding Codere holding company in early November, causing a 37% fall in stock prices, prompting Codere to comment on the media circulation spreading online.

In regard to this, Codere Online noted: “In view of reports that appeared in recent days, in which the continuity of the Codere Group's activity is questioned, the current holding company of the group, Codere SA, wishes to clarify that the financial restructuring process that was announced on April 22 and that will be implemented before November 15th, does not affect the normal performance of the group's operations in the different countries in which Codere operates.”

Codere Online is a prominent player in the Latin American gaming market, launched in 2014, the company operates in Mexico, Colombia, Panama, and Buenos Aires, Argentina. 

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