Codere Online Luxembourg, S.A. - Form 6-K Summary
Business Context and Reporting Period
This Form 6-K was filed on November 18, 2024, by Codere Online Luxembourg, S.A., a foreign private issuer. The filing addresses a critical regulatory event regarding the Company's listing status on The Nasdaq Stock Market rather than providing periodic financial results.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report is an explanatory notice regarding a delisting determination and does not contain financial statements or performance metrics.
Material Changes
The primary material change is the receipt of a staff determination letter from Nasdaq on November 12, 2024, notifying the Company of a decision to delist its securities. This action stems from the Company's failure to file its Form 20-F for the fiscal year ended December 31, 2023, in accordance with Listing Rule 5250(c)(1). The delay in filing is attributed to the extended time required to finalize the audit of financial statements for the three years ended December 31, 2023, following the engagement of a new independent registered public accounting firm in March 2024.
Guidance, Outlook, and Management Commentary
On November 18, 2024, the Company requested a hearing to appeal the delisting determination and sought a further stay of the suspension of trading beyond the automatic 15-day period. Management states that requesting a hearing automatically stays the delisting through the duration of the hearing process. The Company believes it will complete and file the Form 20-F within the extension period it plans to seek from the Hearings Panel, thereby regaining compliance with the Public Reports Rule.
Key Facts for Investor Verification
- Nasdaq has issued a determination to delist the Company's securities due to a delinquent Form 20-F filing for the year ended December 31, 2023.
- The Company has formally appealed the decision and requested a hearing, which currently stays the delisting action.
- The delay in filing is caused by audit finalization issues with a new accounting firm engaged in March 2024.
- Trading suspension is currently stayed pending the outcome of the appeal process.
- No financial performance data is included in this specific filing.