Codere Online, the online betting division of Spanish gaming company Codere, has received a delisting notice from Nasdaq but has filed an appeal against the decision.

The delisting notice stems from non-compliance with Nasdaq's Listing Rule 5250(c)(1), known as "the public reporting rule," rather than stock price concerns. The company's stock has performed well, up 157.82% year-to-date, closing at $7.58 on November 18.

The delay in filing Form 20-F occurred due to extended auditing of financial statements for 2021-2023, following the appointment of a new accounting firm in March 2024.

Codere Online has requested an appeal hearing and filed for a stay of trading suspension. Key points about the appeal process:

• Hearings typically occur 30-45 days after request
• Trading continues during the appeal process
• Initial 15-day automatic stay of trading suspension granted
• Potential January 2024 hearing date

The company states it's working to complete and file the required Form 20-F with the SEC to regain compliance before the hearing. Without another suspension stay, the stock could face delisting by December 4.

Codere Online maintains optimism about resolving the situation through proper filing of financial reports, which would eliminate the need for a delisting hearing.

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