Hold the halt: Codere Online appeals Nasdaq to stay stock suspension
Codere Online, the digital betting arm of the Spanish gaming giant Codere Group, has announced that it will be challenging The Nasdaq Stock Market’s delisting threat. The firm has filed an appeal and requested a stay of the stock suspension.
Delay in Form 20-F submission
On 16 May 2025, the company received a staff determination letter from Nasdaq Listing Qualification Department, informing the company of potential delisting. The letter was sent after the company missed the deadline to file Form 20-F—an annual report that foreign private issuers must submit under U.S. securities laws. However, Codere has argued that the delay stems from the finalisation of the audit for the Company’s financial statements for the year, which they said it taking longer than expected. According to Codere, this is because the firm parted ways with its long-time auditor, Marcum, in December 2024 and brought in a new accounting firm.
On 27 December 2024, Codere announced that it parted ways with its auditor, Marcum. This came when Marcum was unable to complete the audit for Codere due to major IT and internal control deficiencies. According to the audit firm, these issues were severe enough to prevent them from finalising Codere’s financial statements.
Codere’s woes
The resignation of Marcum highlighted deeper issues within Codere. The audit firm pointed issues like inadequate accounting practices, lax internal controls, and suboptimal cybersecurity protocols, that made the audit not possible. These deficiencies were primarily linked to internal control issues from 2021 and 2022. Marcum’s decision to resign reflects the serious challenges Codere faces in maintaining financial transparency and control. In its previous appeal against the delisting, Codere promised that it is working hard on submitting its delayed Form 20-F for 2023 as soon as possible.
In response to Nasdaq’s letter, Codere has requested a formal hearing to challenge the delisting determination. This move would allow the company to present its case and explain the legitimate reasons behind the delay. Additionally, Codere has also filed a request for a stay—a legal pause—on the trading suspension. If approved, this would allow Codere shares to remain tradable until the hearing concludes. The company said it has submitted materials to the Nasdaq to justify its request.
Strong Q1 results
Meanwhile, the company said it is working diligently to complete and submit Form 20-F. If everything goes as planned by Codere, the company should be able to file the form no later than 30 May 2025. However, if the Nasdaq refuses to grant a further stay to Codere Online’s securities, they will be suspended from trading starting 6 June 2025. On 16 May, the company . Total revenue for the period registered was €54.3 million, while net gaming revenue was €57.0 million in the period, up 8 year-on-year.
