Codere Online keeps Nasdaq listing
The online gambling operator filed its delayed annual report in time to avoid suspension.
US.- Codere Online has managed to keep its Nasdaq listing after meeting the obligations set out in the delisting warning issued by the exchange last month. The operator has now filed its Form 20-F 2024 annual report with the US Securities and Exchange Commission (SEC) and has received approval to continue trading.
The company said Nasdaq had acknowledged its renewed compliance with Nasdaq Listing Rule 5250(c)(1) and confirmed and the Nasdaq Capital Market’s listing requirements.
The Nasdaq first issued a warning to Codere Online last November over the delayed submission of its previous year’s report. The company argued that the latest delay was due to auditing after it appointed MaloneBailey LLP on December 31 following the resignation of its previous auditor, Marcum LLP.
Marcum had claimed that it had been unable to complete certain audit procedures due to IT control deficiencies affecting third-party platforms. It said the operator lacked adequate internal controls to address the issues.
Despite the uncertainty over its listing, Codere Online’s results for Q1 showed a strong performance, with net gaming revenue up 8 per cent year-on-year at €57m. The company said it was putting expansion in Colombia on hold due to the rise in tax but that it hoped to see growth in Panama make up for this.
