Codere Online Fights Nasdaq Delisting Over Delayed Audit
Codere Online faces Nasdaq delisting threat due to delayed audit. The company parted ways with its auditor Marcum in late 2024, leading to a delay in completing the audit for its financial statements.
The delay, according to Codere Online, stemmed from finalizing the audit with a new independent accounting firm, engaged after the split with Marcum. This process took longer than anticipated.
On May 16, 2025, Codere Online received a staff determination letter from the Nasdaq Listing Qualification Department, warning of delisting due to the delayed Form 20-F for the year ended December 31, 2024. The company has vowed to challenge this threat.
If Nasdaq refuses to grant a further stay, trading in Codere Online's securities will be suspended from June 6, 2025. The company has submitted materials to justify its request for a hearing and a further stay of suspension. It aims to complete and file its 2024 Form 20-F by May 30, 2025.
Codere Online's future on the Nasdaq hangs in the balance due to the delayed audit. The company is actively working to resolve the issue and avoid delisting, with a deadline of May 30, 2025, to file its 2024 Form 20-F.
