Nasdaq welcomes Codere Online to US stock market
Spanish firm’s merger with Mexico-based DD3 sees company listed in North America for first time
The ringing of the bell at Nasdaq Tower by Codere Online CEO Moshe Edree signalled the entry of the Spanish gaming operator into the North American stock market.
Codere’s merger with Mexico-based SPAC DD3 Acquisition Corp. II, an advisory firm which went public on the Nasdaq in October 2018, was finalised on 30 November after it was approved at its shareholders’ meeting on 18 November.
Codere Online will be listed on the global Nasdaq stock market under the ‘CDRO’ and ‘CDROW’ tickers.
As part of the merger, Codere Online has received $116m (£87m) which the firm says it will reinvest largely in marketing, investments, technological development and optimisation of the gaming platform.
Edree said of the historic day: “We have an ambitious plan to expand our online sports betting and gaming business in Latin America, and the closing of this operation provides us with the resources to continue it. We are very excited to have been invited to ring the opening bell at Nasdaq, in an event that highlights months of hard work and crystallises the strength of our project.”
Vicente Di Loreto, CEO of Grupo Codere, which holds a majority share in Codere Online, said: “The closing of this operation, which follows the recent financial restructuring of Grupo Codere, will provide Codere Online with funds to capture its great growth potential, mainly in the Latin American market.”