Codere Online Luxembourg, S.A. — Form 6-K Summary
Reporting period: May 2024; filed May 21, 2024. The filing reports a Nasdaq compliance notice related to the company’s delayed Form 20-F for the year ended December 31, 2023.
Business Context and Financial Information
The filing contains no updated revenue, profit, cash flow, margin, debt, liquidity, or other operating metrics. The company’s business performance cannot be evaluated from this filing alone because the 2023 Form 20-F had not yet been filed.
Material Changes and Nasdaq Compliance
- On May 20, 2024, Nasdaq notified the company that it was not in compliance with Listing Rule 5250(c)(1), which requires timely filing of periodic financial reports.
- The noncompliance resulted from the company’s failure to file its Form 20-F for the year ended December 31, 2023.
- The company has until July 19, 2024, to submit a plan to regain compliance.
- If granted, any Nasdaq staff exemption would be limited to a maximum of 180 calendar days from the Form 20-F due date, through November 11, 2024.
- If Nasdaq rejects the plan, the company may appeal to the Nasdaq Hearings Panel.
Management Commentary, Outlook, and Risks
Management stated that it is working diligently to complete preparation and review of the financial statements and intends either to file the Form 20-F or submit a compliance plan within the prescribed 60-day period.
The principal disclosed risk is potential suspension or delisting from Nasdaq if the company does not regain compliance. The filing does not state whether Nasdaq has accepted any extension or compliance plan.
Important Facts to Verify
- Whether the company filed its 2023 Form 20-F by July 19, 2024, or submitted an acceptable compliance plan.
- Whether Nasdaq granted an exemption and the applicable final compliance deadline.
- Whether Nasdaq or its Hearings Panel initiated any suspension, delisting, or appeal proceedings.
- The company’s 2023 financial results, liquidity, debt, and other metrics once the Form 20-F is filed.