Codere Online Lands Nasdaq Reprieve, Stock Soars

• NASDAQ has given Codere Online an extension to file is 2023 annual report
• Codere has until May 12 to file
• Codere’s stock rose more than 13% on Thursday based on the news

Codere Online Luxembourg (NASDAQ: CDRO) soared on Thursday with the stock ranking as the day’s best-performing gaming name after the company said it won added time to come into compliance with Nasdaq listing requirements.

On volume that was nearly double the daily average, Codere stock surged 13.39% after the gaming company told investors Nasdaq has given it until May 12 to file its annual report for 2023. Last year, Nasdaq sent a letter to Codere warning the operator it was in jeopardy of losing its listing on the exchange due to its 2023 annual report not being filed.

Several weeks later, Codere’s auditor resigned, stirring speculation the Nasdaq Hearings Panel would grant the operator added time to regain compliance.

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,” according to a press release.

Codere said that as a result of this “positive development,” it will report fourth-quarter results prior to the open of US markets on Thursday, February 20.

Signs of Encouragement for Codere Online Stock

While the extension granted by Nasdaq wasn’t surprising, it was clearly welcomed with open arms by Codere Online investors.

“From a blocking & tackling perspective, 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 note on Thursday. “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.”

Stantial rates the stock a “buy.”

Nasdaq Issues Not Hindering Codere Online Stock

While the Nasdaq issue listing has been prominent as it pertains to the Codere Online investment thesis dating back to last year, it surprisingly hasn’t hindered performance.

Shares of the online gaming company are up nearly 72% over the past year despite a late 2024 tumble caused by the resignation of Marcum as auditor. Investors eagerly bought that dip as highlighted by the stock’s 20.78% gain to start 2025. The shares now reside at their highest levels since last November.

Likely due to a market capitalization of just $312.5 million and the point that it doesn’t do business in the US, Codere Online is overlooked by some domestic market participants, but the stock has been among the best performers in the small-cap gaming space for an extended period.