Codere Online Avoids Nasdaq Delisting After Filing Delayed Annual Report
Codere Online has resolved a Nasdaq compliance issue after filing its delayed 2024 annual report with the U.S. Securities and Exchange Commission. The submission brings the company back into conformity with listing requirements, preventing its planned delisting from the exchange.
Nasdaq Confirms Compliance Following Late Filing
On June 7, Codere Online confirmed it had received formal notice from Nasdaq stating the company is now in full compliance with Listing Rule 5250(c)(1). As a result, its shares will remain listed and actively traded, and the previously initiated delisting process has been terminated.
Nasdaq had issued a warning letter on May 16, citing Codere’s failure to file its annual Form 20-F by the required deadline. The company submitted the report on June 2, following an earlier commitment to file by May 30. A delisting hearing scheduled for May 22 was canceled after the successful submission.
Delays Tied to Change in Auditors
The reporting delay was attributed to an internal transition in auditing firms. Codere replaced Marcum LLP with MaloneBailey LLP at the end of December 2024. Marcum had resigned earlier that month, citing ongoing deficiencies in Codere’s IT controls and weaknesses in its internal financial systems.
This marks the second consecutive year Codere faced regulatory scrutiny for delayed reporting. In both cases, the company ultimately submitted the required documentation within the extended timeframe.
Revenue Growth Despite Operational Challenges
Despite the administrative setbacks, Codere posted solid financial performance in the first quarter of 2025. Net gaming revenue reached €57 million ($63.9 million), up 8% year-on-year from €53 million in Q1 2024.
The operator continues to focus on stabilising its financial reporting processes while expanding its footprint in core Latin American and European markets.