In a recent turn of events, Codere Online has successfully navigated the Nasdaq delisting process by promptly filing its 2024 annual report with the SEC. This move has allowed the company to retain its listing on the Nasdaq and continue trading on the exchange.
Initially facing a delisting threat from Nasdaq due to a failure to file its annual report on time, Codere Online took swift action by submitting the required Form 20-F for the year 2024 on June 2nd. This proactive approach paid off, as the company received confirmation from Nasdaq that it had regained compliance with listing requirements.
The delay in filing the annual report was attributed to an extended audit process, which was necessitated by the engagement of a new independent registered public accounting firm, MaloneBailey LLP. This change was prompted by the resignation of the prior accountant, Marcum LLP, citing IT control deficiencies and insufficient controls at Codere Online.
Despite these challenges, Codere Online demonstrated resilience and determination, successfully addressing Nasdaq’s concerns and securing its listing status. With a positive outlook reflected in its Q1 results showing growth in net gaming revenue, Codere Online is poised to move forward with confidence in the online gaming market.
Stay tuned for further developments as Codere Online continues to navigate the competitive landscape of the gaming industry and uphold its position on the Nasdaq exchange.