Codere files plan to list online business on Nasdaq

Codere plans to list Codere SA on the Nasdaq.
Codere plans to list Codere SA on the Nasdaq.

Codere SA has filed its prospectus to list Codere Online on the Nasdaq. 

Spain.- Codere has submitted an F-4 preliminary registration statement to the US Securities and Exchange Commission (SEC) to set out its prospectus for a launch of Codere Online on the Nasdaq.

Codere plans to divest its Codere Online division through a merger with the SPACE DD3 Acquisition Corp, which is led by Martin Werner, a former executive at Goldman Sachs Latin America. The sale has been approved by Codere’s creditors, who have liabilities of $700m.

DD3 was listed on the Nasdaq at the start of year and raised $77m in capital to fund the deal with Codere Online. A further $125m capital trust guaranteed by private investors from MG Capital, Baron Fund and LarrainVial Chile will also support the merger, which is expected to finalise by Q4.

The prospectus submitted to the SEC notes that Codere Online’s presence in Spain, Italy, Mexico, Colombia and Panama will be enhanced with launches in the upcoming regulated markets of Brazil and Buenos Aires, Argentina.

Codere Online will be run as an independent business but will be supported by Grupo Codere’s land-based venues.

In May, Codere announced that its restructuring plan had been approved by shareholders, handing creditors full control of the company’s operating business.

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