Codere Online receives delisting notice from Nasdaq, submits appeal

Codere Online (CDRO) announced that it received a staff determination letter from Nasdaq, notifying the company of the determination from Nasdaq to delist the company’s securities from Nasdaq Stock Market, given the company had not filed its Form 20-F for the year ended December 31, 2023 in accordance with continued Listing Rule 5250. As previously reported, the company’s delay in filing its Form 20-F is due to the fact that the finalization of the audit of our financial statements for the three years ended December 31, 2023 has taken longer than expected following the engagement of our new independent registered public accounting firm in March. The letter states that the company may appeal staff’s determination to a hearings panel pursuant to the procedures set forth in the Nasdaq Listing Rule 5800 Series. Hearings are typically scheduled to occur approximately 30-45 days after the date of the hearing request. A request for a hearing regarding a delinquent filing automatically stays the delisting of the company’s securities from Nasdaq through the duration of the hearing. It also automatically stays the suspension of trading of the company’s securities for a period of 15 days from the date of the request. The letter also states that when the company requests a hearing, it may also request a further stay of the suspension of trading through the duration of the hearing process. Earlier, the company formally requested both a hearing to appeal the delisting determination and a further stay of suspension of trading through the duration of the hearing process. Furthermore, in connection with this stay request, the company submitted materials to Nasdaq to explain why this stay is appropriate, as required by the hearings panel. The company has not yet received a determination regarding its request for this further stay of suspension of trading. The company continues to work to complete and file with the SEC the Form 20-F and believes it 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.