Codere Online was granted an extension by the Nasdaq hearings panel in January after failing to file its annual report (Form 20-F) for the year ended 31 December 2023 on time.
This follows a notice from Nasdaq in November which threatened to delist the company for not meeting its rules for filing updates with the SEC.
The decision was made by the Nasdaq hearings panel on 16 January and is conditional on Codere Online filing its 2023 annual report on or before 12 May. Codere released the update today (14 February).
Form 20-F is usually filed with the US Securities and Exchange Commission (SEC). It helps to standardise the reporting requirements of companies based outside the US. Companies must also make the report available to shareholders on its website.
In November, the company said that while it had failed to file on time, this was due to a delay in auditing its financial statements for the three years ended 31 December 2023. It subsequently filed a request for a hearing upon receiving the delisting notice.
When a company requests a hearing, it may request a longer delay to the suspension of trading for the duration of the hearing.
Codere explains why its listing is important
It also submitted the relevant materials to Nasdaq to explain why remaining listed was appropriate, as required by the hearings panel. If the panel had not agreed to Codere Online’s request, the company would have been delisted on 4 December.
“[This] has taken longer than expected following the engagement of our new independent registered public accounting firm in March 2024,” Codere said at the time.
At the hearing the panel considered the company’s plan to regain compliance, which included working diligently with its new auditor to complete and file its 2023 annual report with the SEC.
It expects to do so within the extension period granted by the panel. Codere Online expects to release its Q4 2024 results on 20 February.
Original article: https://igamingbusiness.com/finance/codere-online-to-keep-nasdaq-listing/
