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Codere Online has secured a reprieve from the Nasdaq Capital Market, with the Spanish-language gaming operator confirming it has regained compliance with US listing rules following months of uncertainty over failing to submit its annual accounts.
In a statement issued Tuesday, Codere Online revealed it had received formal notification from the Nasdaq Board that it is once again compliant with Listing Rule 5250.
As such, its shares will remain on the Nasdaq Capital Market and the company is no longer at risk of being delisted. The move follows the delayed filing of its 2024 annual report (Form 20-F) with the US Securities and Exchange Commission (SEC) on 2 June.
Nasdaq’s notice also confirmed the cancellation of a previously scheduled delisting hearing, originally requested by Codere Online on 22 May.
The company first fell afoul of Nasdaq regulations in late 2023, when it failed to submit its 2022 Form 20-F by the required deadline, triggering a formal warning in November 2024.
While Codere Online was eventually granted a deadline extension until May 2025, management cited the disruption of onboarding a new independent auditor in March 2024 as the primary cause of continued delays.
The 2024 audit, finalised in late May, also ran behind schedule due to what Codere described as “diligent efforts” to complete the necessary filings for both years.
The compliance issues cast a shadow over what has otherwise been a solid financial form. The group posted €54m in revenue for Q1 2025, marking a 4% increase on the prior year.
Codere had warned that its shares were set to be delisted on 6 June unless it could demonstrate compliance. With the latest update, that risk has now passed at least for the time being.
Of significance, in 2024, majority shareholder Codere SA completed its financial restructuring in which bondholders agreed to eliminate €1bn in debt notes to reduce the outstanding debt to below €100m.
The company, which went public via SPAC in 2021, remains under close watch from investors following turbulent years marked by operational restructuring, regional market challenges, and now, tighter scrutiny on corporate transparency.
