Codere Online avoids Nasdaq delisting after filing delayed report

Codere Online will remain listed on the Nasdaq after submitting its delayed 2024 annual report to the U.S. Securities and Exchange Commission (SEC).

On May 16, Nasdaq issued a warning letter stating it planned to delist the company for failing to file its annual Form 20-F on time. Codere submitted the report on June 2 and confirmed Friday that it has regained full compliance with Nasdaq rules.

“Codere Online today announced it has received formal notification from the Nasdaq Stock Market LLC confirming that the company has regained compliance with Nasdaq Listing Rule 5250(c)(1) and that the company is therefore in compliance with the Nasdaq Capital Market’s listing requirements,” the company said.

“As a result, the company’s securities will continue to be listed and traded on the Nasdaq Capital Market and are no longer subject to a delisting process," it added.

The operator had initially projected it would file the report by May 30, and a hearing with a Nasdaq panel had been scheduled for May 22 to discuss potential suspension and delisting. That hearing was canceled following the successful filing.

Codere had previously faced similar issues over its failure to file a previous annual report for the year ended 31 December 2023. After missing the deadline, it received an extension and filed the required documents on 1 May 2025.

The delays were linked to a change in auditors. Codere replaced Marcum LLP with MaloneBailey LLP on 31 December 2024. Marcum had resigned earlier that month, citing unresolved IT control deficiencies and inadequate internal controls.

Despite these issues, Codere reported a net gaming revenue of €57 million ($63.9 million) for the quarter ending March 31, an 8% increase from €53 million in the same period the previous year.