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Codere Online is fighting to keep its stocks listed on the Nasdaq stock exchange after being informed of an imminent delisting due to record keeping failure.
The board of the Global Nasdaq has reissued its warning to Codere Online, that it has yet to submit its ‘Form 20-F’ auditing files as a requirement of non-US/non-Canada business listed on the North American exchange.
The firm has announced that as it has not filed its Form 20-F for the year ending 31 December 2024 with the US Securities and Exchange Commission (SEC), it was informed by Nasdaq that its shares would be delisted from the exchange.
This is not the first time Codere has faced the prospect of being removed from the Nasdaq, with the Spanish-language market focused operator’s recent history on the exchange being a turbulent one since it first listed back in 2021.
Much of this has related to Form 20-F. The company was told that it faced delisting in November 2024 for failing to file its Form 20-F for 2023, but was later able to secure an extension of the deadline until 12 May 2025.
Commenting on the matter in its FY2024 financial results, Codere Online CEO, Aviv Sher, said: “While this Nasdaq compliance issue has taken a lot more time and energy than we would have liked, we believe that things are moving in the right direction and currently expect to file our 2023 annual report within the extended deadline.”
Leadership attributed the delay in filing its Form 20-F to the prolonged finalisation of financial audits after appointing a new independent auditor in March 2024. The same reason has been given for the delay in filing its 2024 form.
Codere’s statement explained that the finalisation of its 2024 audit ‘has taken longer than expected following the engagement of the company/s new independent registered public accounting firm on December 31 2024’ on top of what it asserted were ‘diligent efforts to finalise the Form 20-F for the year ended December 31 2023’.
Codere has requested a hearing to review Nasdaq’s delisting decision to delay a suspension of its trading on the exchange. The firm states that it has material to support why this is appropriate, but that a decision is still pending. If the stay in trading suspension is not granted then Codere securities will be suspended from the Nasdaq on 6 June 2025.
The issues with Codere’s audit comes after an otherwise positive end to 2024 trading and a decent start to 2025, from a purely financial standpoint around revenue and profit. Its Q1 results saw group wide revenue rise 4% year-over-year to €54.3m, for example.
Its long-running issues with the Nasdaq, however, show that revenue, profits and expenditure are not the only things listed businesses need to worry about, whether gaming or otherwise, with record keeping, administration and auditing potentially having big impacts on operations.
