SBC News Voice of the Sports Betting Industry
Codere Online has been granted an extension to maintain its PLC listing on the Nasdaq Stock Market, provided that it submits its outstanding financial audit for the year 2023.
The update informed investors that the Panel of the Nasdaq Stock Exchange will allow Codere to maintain its listing on the condition that it submits its audit for FY2023 accounts by 12 May 2025.
In Q3 2024, Codere was ordered to submit its financial report for 2024 as part of its corporate obligations under its Nasdaq listing.
However, Codere stated that it failed to meet this obligation due to its former auditor, Marcum LLP, resigning, citing an inability to obtain sufficient audit evidence because of IT control deficiencies related to the company’s use of third-party platforms.
Codere denied Marcum LLP’s allegations but admitted to deficiencies in its accounting processes due to outsourcing and adjustments required following a prior cybersecurity attack.
In response, the Panel scheduled a hearing for Codere Online on 16 January 2025 to determine whether to grant an extension for completing its audit.
At the close of 2024, Codere Online appointed MaloneBailey, LLP as its new independent registered public accounting firm, reassuring investors that it will comply with Nasdaq’s requirements to maintain its listing.
Significantly, in Q3, Codere Online’s parent company, Codere SA, secured a new agreement with bondholders to reduce its corporate debt from €1.4 billion to approximately €190 million.
Codere will update investors on Nasdaq proceedings in its Q4 and FY2024 results, set to be filed on 20 February 2025.
In Q3 trading, Codere Online upgraded its corporate targets, expecting to finish 2024 at the upper end of its guidance for net gaming revenue (€205–215 million) and adjusted EBITDA (€2.5–7.5 million).
