Online Gaming Company, Codere, Appeals Decision on Nasdaq Delisting
Codere Online Faces Delisting Notice from Nasdaq
November 19, 2024
Codere Online Luxembourg (NASDAQ: CDRO) has received a delisting notice from the Nasdaq Stock Market, due to non-compliance with Nasdaq's Listing Rule 5250(c)(1), also known as 'the public reporting rule'.
The company's failure to file its Form 20-F with the Securities and Exchange Commission (SEC) has led to this situation. The delay in filing is attributed to the engagement of a new independent registered public accounting firm, BDO, in March 2024.
The timeline indicates it could be January before Codere Online gets its Nasdaq hearing. If another suspension stay isn't granted, the company's stock could be removed from the Nasdaq before the start of trading on December 4.
However, Codere Online is working diligently to complete and file the Form 20-F. The company believes it will be able to regain compliance with the Public Reports Rule within the extension period it plans to seek from the Hearings Panel.
In an attempt to appeal the delisting decision, Codere Online has taken Nasdaq up on both offers. The hearing for Codere Online's delisting is typically scheduled to occur approximately 30-45 days after the date of the hearing request.
The circumstances surrounding Codere Online's possible removal from the Nasdaq aren't unusual and can potentially be more swiftly dealt with than if the stock was facing price issues. The Company's best course of action would be to file the aforementioned financial reports to render the delisting hearing a moot point.
It's worth noting that Codere Online's stock is up 157.82% year to date and closed at $7.58 on Monday, November 18, 2024.
The request for a hearing regarding Codere Online's delisting automatically stays the trading suspension of its securities on Nasdaq. Codere Online continues to work diligently to complete and file the Form 20-F, aiming to avoid the delisting hearing.
The finalization of Codere Online's audit of financial statements for the three years ended December 31, 2023 has taken longer than expected. The company is attempting to file the necessary financial reports to avoid the delisting hearing.
Stay tuned for updates as the situation develops.
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