Codere underscores ‘ambitious expansion plan’ upon making Nasdaq debut
Codere Online has made its entry on the Nasdaq stock exchange, following the conclusion of its merger with SPAC DD3 Acquisition Corp. II, becoming the first listed wagering firm for Latin American markets.
The shares and warrants of Codere Online will be listed on the Global Nasdaq stock market under the “CDRO” and “CDROW” tickers respectively.
Codere Online predicts that the merger and subsequent public listing will result in gross proceeds of approximately $116 million, or approximately $103 million, which will be used to financially support its ‘ambitious expansion plan’ within Latin American online wagering markets.
This expansion strategy will see investment across marketing, technological development and optimisation of the group’s gaming platform, in order to secure commercial growth in the region.
“We have an ambitious expansion plan ahead of our online sports betting and gaming business in Latin America, and the closure of this operation provides us with the resources to continue it,” said Moshe Edree, Codere Online CEO, who rang the virtual bell to mark the firm’s Nasdaq debut.
“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 crystallizes the strength of our project.”
Codere Online completed its merger with DD3 on 30 November following approval from its shareholders, finalising its divestment from Grupo Codere – that will maintain shares in the business.
Debt holders of Grupo Codere, allowed for Codere Online to be merged with DD3 as part of a corporate restructuring that led to the liquidation of the Bolsa Madrid gambling group.
Initially valued at $350 million, the merger with D33 was confirmed earlier this year following a period of strong revenue growth for Codere Online, having recorded earnings of €41.7 million during the six months ending 30 June 2021.
Vicente Di Loreto, CEO of Grupo Codere, remarked that “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 ”.