Codere Online Challenges Nasdaq Delisting Over Filing Delay
The company received a notice from the Nasdaq Listing Qualifications Department on May 16 regarding the decision to delist its securities due to non-compliance with reporting requirements, following a delay in filing Form 20-F for the year ended December 31, 2024.
Reason for the Delay in Filing Form 20-F
Codere Online explained that the delay was due to a prolonged audit process, which extended after the company changed its auditing firm on December 31, 2024.
The company also continued work on its 2023 financial statements, which were filed with the SEC on May 1, 2025.
The company expects to complete and file the 2024 Form 20-F by May 30, 2025, which could allow it to regain compliance with Nasdaq requirements.
Codere Online’s Actions to Prevent Delisting
The company has formally requested a hearing with Nasdaq to appeal the delisting and trading suspension decision.
The hearing request automatically stays the delisting of the securities from Nasdaq and temporarily stays the trading suspension for up to 15 days.
Additionally, Codere Online submitted a request to extend the trading suspension stay for the entire duration of the proceedings. A decision on this request is still pending.
Consequences of a Potential Nasdaq Rejection
If Nasdaq denies the extension request, trading in Codere Online securities will be suspended on June 6, 2025.
Should the request for additional time to file be denied, Nasdaq may submit Form 25-NSE to the SEC, which would result in the company’s shares being officially delisted and deregistered from the exchange.
Potential Benefits
- The hearing request gives the company a chance to appeal the decision and remain listed on Nasdaq.
- The trading suspension stay temporarily freezes negative consequences for investors.
- Active efforts to complete and file Form 20-F reflect the company’s commitment to compliance.
Potential Risks
- The threat of delisting could undermine investor confidence and impact stock market value.
- Uncertainty around the filing timeline and extension decision may cause market instability.
Impact on Institutional Investors
| Investor | Change | Period | Valuation ($) |
|---|---|---|---|
| Renaissance Technologies LLC | -89,121 shares (-100%) | Q4 2024 | 574,830 |
| FNY Investment Advisers, LLC | +56,484 shares (+15.3%) | Q1 2025 | 409,509 |
| Millennium Management LLC | -27,181 shares (-100%) | Q1 2025 | 197,062 |
| Hood River Capital Management LLC | -25,596 shares (-100%) | Q1 2025 | 185,571 |
| Citadel Advisors LLC | -10,596 shares (-100%) | Q1 2025 | 76,821 |
| Squarepoint Ops LLC | +10,357 shares | Q1 2025 | 75,088 |
About Codere Online
Codere Online is a division of Codere Group, one of the largest casino operators. Since 2014, the company has offered online betting and casino services in Spain, Mexico, Colombia, Panama, and Argentina.
Codere combines online operations with a physical presence in the region, strengthening its position in the industry.
Conclusion
Codere Online continues to actively address the causes of the Form 20-F filing delay, hoping to regain compliance with Nasdaq requirements and avoid delisting.
The final decision will depend on the hearing, which is expected to take place within 30–45 days after the request.