The company never filed the Form 20-F with the corporate accounts for 2023. The Spanish company will appeal the decision.
Spain.- Codere Online received a warning from Nasdaq Exchange about the possible delisting of its securities. Nasdaq cited the company's failure to meet its listing obligations, specifically its inability to file a Form 20-F with the corporate accounts for the year ended December 31, 2023. This constitutes a violation of Nasdaq's Listing Rule 5250 and is cause for suspension of its listing.
According to the company, the delay in filing the Form 20-F is due to the completion of the audit of its financial statements for the three fiscal years ended December 31, 2023, "taking longer than expected after hiring the new independent public accounting firm registered in March 2024."
Furthermore, investors were also informed that Codere has formally requested a hearing with the Nasdaq Hearings Panel to appeal the delisting decision.
These hearings, which are held before a panel of auditors, usually take place within 30 to 45 days after the filing is made. In addition, the Spanish company requested an extension of the suspension of trading pending the outcome of the hearing, claiming that there is evidence to justify maintaining the securities.
By mid-year, Nasdaq had already urged Codere Online to submit the required documentation to list and even questioned the continuity of the Spanish company due to the lack of the Form 20-F. At that time, the company obtained an extension, first for 60 days and then extended until November, to present a compliance plan.
After these deadlines expired, Nasdaq pressed again and Codere was unable to present the required documentation it had committed to have.
According to Codere, since these problems began, the main reason lies in the decision by the firm Ernst & Young (EY) not to audit its financial statements for the fiscal year 2023. This resignation was communicated to Codere by EY on October 23, 2023.
See also: New phase: Codere successfully concluded its recapitalization plan
On March 8 of this year, Codere hired the New York firm Marcum LLP as the new auditor of its accounts. In early May, the betting company acknowledged that "it cannot submit its Annual Report" within the prescribed timeframe "without undue effort and expense due to the recent hiring of the new auditor of the Company and the need for an additional period to submit its Annual Report on Form 20-F for the fiscal year ended December 31, 2023."
However, on May 15, the company announced a "strong start to 2024," with a 34 percent increase in turnover, up to USD 50.4m, according to its unaudited accounts, thanks to the "impressive" performance of the markets in Spain and Mexico, its main business areas, although it also operates in other Latin American countries, such as Argentina.
More than 13,000 active ticket sellers will benefit from this bonus.
Panama.- The National Lottery of Charity (LNB) announced that between December 3 and 13 the bonus checks, interest, and Christmas bonus will be delivered to more than 13,000 ticket sellers across the country.
They will be able to receive their bonus:
It is worth noting that the delivery of the checks will take place at the Auditorium of the National Lottery of Charity, at its main headquarters.
More than three months after the request of the President of Panama, José Raúl Mulino, to end the electronic lottery of Panama, known as Lotto and Pega 3, there are still no updates on the closure, a situation that alerts ticket sellers, who have been opposed to the modality since its appearance in October last year.
