Codere Online Luxembourg, S.A. announced on November 18, 2024, that it received a staff determination letter from The Nasdaq Stock Market LLC on November 12, 2024. The letter notified the company of Nasdaq Staff's determination to delist its securities due to the failure to file its Form 20-F for the year ended December 31, 2023, in accordance with Listing Rule 5250(c)(1).
The delay in filing the Form 20-F was attributed to the extended finalization of the audit of financial statements for the three years ended December 31, 2023, following the engagement of a new independent registered public accounting firm in March 2024. This non-compliance poses a significant threat to the company's continued listing on a major U.S. exchange.
In response, Codere Online formally requested a hearing to appeal the delisting determination and sought a further stay of the suspension of trading through the duration of the hearing process. The company stated its commitment to diligently complete and file the Form 20-F to regain compliance within any extension period granted by the Hearings Panel.
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