Codere Online has submitted an appeal against a delisting notice it has received from the Nasdaq Stock Market.
In a statement on its website, the online operator has said it received a staff determination letter from Nasdaq’s Listing Qualifications Department notifying the company of the delisting as it hadn’t filed its Form 20-F for the year ended December 31, 2023, in accordance with the continued Listing Rule 5250(c)(1), the Public Reports Rule.
Explaining the filing delay, Codere Online stated: “As previously reported, the company’s delay in filing its Form 20-F is due to the fact that the finalisation of the audit of our financial statements for the three years ended December 31, 2023, has taken longer than expected following the engagement of our new independent registered public accounting firm in March 2024.”
Codere Online also referenced the appeal process, noting that it has formally requested a hearing to appeal the delisting determination and a further stay of suspension of trading during the hearing process.
Hearings usually take place around 30-45 days after the date of the hearing request.
“A request for a hearing regarding a delinquent filing automatically stays the delisting of the company’s securities from Nasdaq through the duration of the hearing,” noted the company.
“It also automatically stays the suspension of trading of the company’s securities for a period of 15 days from the date of the request. The letter also states that when the company requests a hearing, it may also request a further stay of the suspension of trading through the duration of the hearing process.
“Earlier today, the company formally requested both a hearing to appeal the delisting determination (the Hearings Panel) and a further stay of suspension of trading through the duration of the hearing process.
“Furthermore, in connection with this stay request, the company submitted materials to Nasdaq to explain why this stay is appropriate, as required by the Hearings Panel. The company has not yet received a determination regarding its request for this further stay of suspension of trading.”
Codere Online added that it “continues to work diligently to complete and file with the Securities and Exchange Commission (SEC) the Form 20-F” and it believes it can, “thereby regaining compliance with the Public Reports Rule, within the extension period the company plans to seek from the Hearings Panel”.
However, the company also stated that if Nasdaq doesn’t grant it further stay, its stock could be suspended from 4th December.
“If the company fails to obtain an extension period from the Hearings Panel, a Form 25-NSE will be filed with the SEC, which will remove the company’s securities from listing and registration on The Nasdaq Stock Market,” Codere Online concluded.
