Codere Online granted Nasdaq listing extension, shares surge in response

Codere Online has been granted an extension by the Nasdaq Hearings Panel to file its 2023 Annual Report by May 12, 2025, allowing the online gaming operator to maintain its listing.  

The extension follows a January 16 hearing, where the company outlined its compliance plan. Codere Online, a major player in Spain and Latin America’s online gaming markets, said it is working closely with its new auditor, MaloneBailey, to complete the 2023 Annual Report within the granted timeframe.  

“The company has and continues to work diligently with its new auditor to complete and file with the Securities and Exchange Commission (SEC) its 2023 Annual Report and expects to do so within the extension period granted by the Panel, thereby regaining compliance with the Rule,” Codere Online said in a statement.  

Shares of Codere Online surged 13.39% on higher-than-average trading volume following the Nasdaq decision, marking the stock as one of the day’s top gaming performers.  

Despite previous challenges, including the resignation of auditor Marcum in late 2024, Codere’s stock has gained 72% over the past year and currently trades at its highest levels since November 2024.  

“We expect prior audit work completed for FY23 under Marcum can be leveraged, allowing for more resources to be allocated to the dual-tracked FY24 filing,” said Stifel analyst Jeffrey Stantial in a research note.  

“It is unclear whether MaloneBailey will raise similar concerns around deficiencies in 3P platform reports, in particular given minimal experience in gaming where this issue is more prevalent, though we think Marcum seemed excessively conservative based on the fact pattern at hand.”

Codere Online will report its Q4 2024 earnings on February 20, 2025, before the U.S. market opens. A conference call is scheduled for 8:30 AM ET the same day. The earnings release and investor presentation will be available on Codere Online’s website.  

With the Nasdaq extension secured, investors are now watching whether MaloneBailey can finalize the 2023 report by the May 12 deadline.