Codere Online Faces Nasdaq Delisting Over Delayed Financial Filings
Codere Online is at risk of being delisted from the Nasdaq Stock Market after failing to submit its annual financial report for 2024 on time. The company received a staff determination letter from Nasdaq on May 16, 2025, citing non-compliance with listing rules due to the absence of its Form 20-F for the year ended December 31, 2024.
Filing delays linked to change of auditor
Codere Online explained that the delay resulted from hiring a new independent registered public accounting firm on December 31, 2024. This change significantly slowed the audit process. The company also needed extra time to finalize and submit the 2023 Form 20-F, which it filed on May 1, 2025. That effort further delayed the 2024 report.
To challenge the delisting notice, Codere Online formally requested a hearing with Nasdaq. Under Nasdaq rules, this request automatically pauses the delisting for 15 days. It also allows the company to ask for an extended stay during the hearing. Codere Online has submitted supporting materials and now waits for Nasdaq’s decision on whether trading can continue during this period.
If Nasdaq denies the extended stay, Codere Online shares will stop trading on June 6, 2025. In that case, the company would file Form 25 NSE with the U.S. Securities and Exchange Commission (SEC), removing its listing from Nasdaq.
Efforts to regain compliance underway
Codere Online stated that it is actively working to finalize and submit the 2024 Form 20-F and expects to do so by May 30, 2025. The company intends to use this submission to demonstrate compliance with Nasdaq’s reporting requirements and avoid delisting. It also plans to request an extension from the Nasdaq Hearings Panel if necessary.
While the company continues to express optimism about regaining compliance, the current situation underscores the importance of regulatory alignment in public markets – particularly for firms operating across multiple jurisdictions. A delisting could affect investor confidence and restrict access to capital, even if Codere Online continues to perform in its core markets.