The Nasdaq Hearings Panel granted the claim of the Spanish company in its justification for the delay in the delivery of the annual accounts. The new deadline for the presentation of the annual report will be May 12.
Spain.- Codere Online, the online business subsidiary of Codere that is listed on the Nasdaq, has achieved a crucial breakthrough by obtaining an extension to remain part of the American stock index. After successfully defending before the Nasdaq Hearings Panel the reasons for the delay in the delivery of its annual accounts, the company received an extension that allows it to present its annual report for the fiscal year 2023, with the deadline on the upcoming May 12.
This resolution comes after a hearing held on January 16, 2025, in which Codere Online's plan to comply with Nasdaq's listing regulations, specifically rule 5250.c.1, was evaluated. The company had faced difficulties in meeting the established deadlines due to the resignation of its previous auditor, Marcum LLP, who cited deficiencies in IT control and internal controls. Facing this challenge, Codere Online hired MaloneBailey as the new auditor to oversee the fiscal accounts of 2023 and 2024.
In a statement sent to the United States Securities and Exchange Commission (SEC), Codere Online reaffirmed its commitment to regulatory compliance and highlighted that it is working diligently with its new auditor to complete the submission of its annual report within the granted deadline.
Additionally, the company has announced that its financial results for the fourth quarter of 2024 will be disclosed on the upcoming February 20, the day when a teleconference with analysts will also be held to provide details about the commercial performance and future prospects.
