Due to a delay in filing its 2024 Form 20-F, Codere Online Luxembourg is currently at risk of being delisted from the Nasdaq Stock Market. On May 16, 2025, the company received a formal notification from Nasdaq’s Listing Qualifications Department citing non-compliance with continued listing requirements. 

The prolonged audit procedure following the appointment of a new independent accounting firm at the end of 2024 have led to the delayed filing. The company has already filed the overdue 2023 Form 20-F on May 1, 2025, and is currently finalising its 2024 submission due for filing on May 30, 2025.

Company Seeks Hearing to Appeal Nasdaq Decision

Codere Online has requested a hearing with the Nasdaq Hearings Panel to counter the delisting threat. This appeal provides an opportunity for the company to present a strong case and retain its Nasdaq listing. Codere also requested a stay on the suspension of trading, which temporarily prevents Nasdaq from taking further delisting actions while the hearing process is ongoing. Under Nasdaq procedures, a request for a hearing automatically delays delisting for at least 15 days. However, the company has submitted additional documentation in support of a more extended stay of suspension throughout the entire hearing process. Nasdaq is yet to respond to this request. If Codere Online fails to obtain a stay beyond the initial 15-day period, the trading of its securities will be suspended as early as June 6, 2025.

Efforts Underway to Regain Compliance

Codere Online is making diligent efforts to meet Nasdaq’s regulatory requirements. Management expects to complete the audit process and submit the overdue 2024 Form 20-F by May 30. 

The company maintains that the delays were unavoidable and primarily the result of transitioning to a new accounting firm. Codere remains optimistic that its efforts will satisfy Nasdaq’s conditions and help it regain full compliance under Rule 5250(c)(1), mandating timely public filings by listed companies.

Investor Activity Reflects Mixed Confidence

The uncertainty surrounding Codere Online’s listing status has impacted investor behavior. While institutional investors such as FNY Investment Advisers, LLC and Squarepoint Ops LLC have added to their positions, others like Renaissance Technologies LLC and Millennium Management LLC have completely divested from the company.

 A successful filing before the deadline and a favorable ruling from Nasdaq would likely stabilize investor sentiment and restore confidence in the company’s outlook. Codere Online operates primarily across Spain and Latin America, and has built a strong presence in the online gaming and casino sector. Its future on Nasdaq now hinges on timely regulatory compliance and the outcome of its appeal hearing.