Codere online, a leading online gaming operator in Spain and Latin America, has appealed a decision by Nasdaq to delist its securities from the American stock exchange after reportedly failing to file Form 10-F for the year ending December 31, 2023, as required by Listing Rule 5250(c)(1).
The operator whose shares have been publicly traded on the New York-headquartered stock exchange under the ticker CDRO since December 1, 2021, when it merged with special purpose acquisition company DD3 Acquisition Corp II, was purportedly informed by Nasdaq of its ruling on November 12.
Codere online was the first gaming operator in Latin America to become publicly traded on the Nasdaq Stock Exchange. It offers online sports betting and online casino; the type that feature a first deposit bonus through state-of-the-art website and mobile applications.
Typically filed with the US Securities and Exchange Commission (SEC), a Form 20-F (pdf) aids in standardizing the reporting requirements of a non-US company. The report must also be made accessible to shareholders on its [Codere online] website.
<h2 id="h-codere-online-seeks-stay-to-keep-shares-on-nasdaq” class=”wp-block-heading”>Codere online requests further stay of suspension of trading on Nasdaq
The “staff determination letter” to Codere online reportedly states that it may leverage the appeal process, with hearings scheduled to take place some 30-45 days post request. A benefit of such requests is that the securities delisting from Nasdaq is automatically delayed for however long the hearing lasts. Furthermore, any trading suspension is also ordinarily delayed for 15 days from the request date.
Additionally, the notice states that when a hearing is requested by a company, a longer delay to the trading suspension may be requested for the duration of the hearing.
Published on November 18, 2024, Codere online issued <a href="https://www.codereonline.com/news/news-details/2024/Codere-online-Receives-Delisting-Notice-from-Nasdaq-and-Submits-Appeal/default.aspx” target=”_blank” rel=”noopener”>a press release confirming that it had formally requested the hearing regarding the delisting decision, and a delay of suspension of trading through the entirety of the hearing process.
The company attributes the delay in filing its Form 20-F to the fact that having engaged a new independent registered public accounting firm only in March this year, it is taking longer than expected to finalize its financial statements for the three year period ending December 31, 2023, as explained via its press release.
<h2 id="h-codere-online-seeks-stay-to-keep-shares-on-nasdaq” class=”wp-block-heading”>Codere online acts in complaince with Public Reports Rule
In support of its request, Codere online has submitted “materials” to Nasdaq in a effort to explain why being permitted to continue to trade is appropriate. According to the news release, the company has yet to receive a decision regarding its request for a further stay of suspension of trading.
“The company continues to work diligently to complete and file with the SEC the Form 20-F,” Codere online said. “We believe we will be able to do so, thereby regaining compliance with the Public Reports Rule, within the extension period the company plans to seek from the Hearings Panel.”
If the further stay is granted by Nasdaq, Codere online securities will remain listed until December 4, 2024. However, if the company is not successful in securing an extension period, a Form 25-NSE will be filed with the SEC. At that time, the company’s securities will be removed from listing and its registration on Nasdaq cancelled.
<meta content="Codere online Appeals Delisting Decision from Nasdaq; Requests Hearing”/><meta content="Codere online Appeals Delisting Decision from Nasdaq; Requests Hearing”/><meta itemtype="https://schema.org/WebPage" itemid="https://news.worldcasinodirectory.com/codere-online-appeals-delisting-decision-from-nasdaq-requests-hearing-116172″/> <meta content="https://news.worldcasinodirectory.com/codere-online-appeals-delisting-decision-from-nasdaq-requests-hearing-116172″/><meta content="Codere online, a leading online gaming operator in Spain and Latin America, has appealed a decision by Nasdaq to delist its securities from the American stock exchange after reportedly failing to file Form 10-F for the year ending December 31, 2023, as required by Listing Rule 5250(c)(1).The operator whose shares have been publicly traded on the New York-headquartered stock exchange under the ticker CDRO since December 1, 2021, when it merged with special purpose acquisition company DD3 Acquisition Corp II, was purportedly informed by Nasdaq of its ruling on November 12.Codere online was the first gaming operator in Latin America to become publicly traded on the Nasdaq Stock Exchange. It offers online sports betting and online casino; the type that feature a first deposit bonus through state-of-the-art website and mobile applications.Typically filed with the US Securities and Exchange Commission (SEC), a Form 20-F (pdf) aids in standardizing the reporting requirements of a non-US company. The report must also be made accessible to shareholders on its [Codere online] website.Codere online requests further stay of suspension of trading on NasdaqThe “staff determination letter” to Codere online reportedly states that it may leverage the appeal process, with hearings scheduled to take place some 30-45 days post request. A benefit of such requests is that the securities delisting from Nasdaq is automatically delayed for however long the hearing lasts. Furthermore, any trading suspension is also ordinarily delayed for 15 days from the request date.Additionally, the notice states that when a hearing is requested by a company, a longer delay to the trading suspension may be requested for the duration of the hearing.Published on November 18, 2024, Codere online issued a press release confirming that it had formally requested the hearing regarding the delisting decision, and a delay of suspension of trading through the entirety of the hearing process.The company attributes the delay in filing its Form 20-F to the fact that having engaged a new independent registered public accounting firm only in March this year, it is taking longer than expected to finalize its financial statements for the three year period ending December 31, 2023, as explained via its press release.Codere online acts in complaince with Public Reports RuleIn support of its request, Codere online has submitted “materials” to Nasdaq in a effort to explain why being permitted to continue to trade is appropriate. According to the news release, the company has yet to receive a decision regarding its request for a further stay of suspension of trading.“The company continues to work diligently to complete and file with the SEC the Form 20-F,” Codere online said. “We believe we will be able to do so, thereby regaining compliance with the Public Reports Rule, within the extension period the company plans to seek from the Hearings Panel.”If the further stay is granted by Nasdaq, Codere online securities will remain listed until December 4, 2024. However, if the company is not successful in securing an extension period, a Form 25-NSE will be filed with the SEC. At that time, the company’s securities will be removed from listing and its registration on Nasdaq “/>
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