Codere Online, LatAm-facing company, rings bell at NASDAQ debut

Codere Online, LatAm-facing company, rings bell at NASDAQ debut

Codere Online made its North American stock market debut this Wednesday, with the historic bell ringing at the Nasdaq Tower in Times Square, in a virtual event aired internationally and live. The North American stock market is now available following the virtual bell ringing.

Vicente Di Loreto, the CEO of Grupo Codere, stated that “the closure of this operation, which follows Grupo Codere’s recent financial restructuring, will provide funds for Codere Online to capitalize on its tremendous growth potential, particularly in the Latin American market.” The firm completed its merger with SPAC DD3 Acquisition Corp. II (“DD3”) on Tuesday, November 30, 2021, following the operation’s acceptance by its Shareholders’ Meeting on November 18, 2021, and compliance with all closing requirements.

Codere online unveils Board of Directors’ makeup

With the appointment of Patrick Ramsey as non-executive chairman on Tuesday, Codere Online completed the composition of its Board of Directors, including Moshe Edree, CEO of Codere Online; Oscar Iglesias, Chief Financial Officer of Codere Online; Alejandro Rodino, Director of Strategy and Corporate Areas of Grupo Codere; and Laurent Teitgen, as an independent director. DD3 Sponsor Group, LLC has nominated two independent directors: Martin M. Werner, president and CEO of DD3 Capital Partners, and Daniel Valdez, portfolio director of M.G. Capital. Codere Online, a LatAm-focused online gaming and sports betting company that completed its merger with SPAC DD3 Acquisition Corp. II earlier this week, has registered on the Nasdaq stock exchange.

Codere, which became the first Latin American-focused gambling company to list on the North American stock exchange, has stated that it will utilize the anticipated gross proceeds of around $116 million to fund an ‘expansion plan’ throughout the area. The firm will optimize its gaming platform and invest in marketing and technology development as part of this plan to bolster its commercial growth across numerous regions. Following shareholder approval, Codere Online finalized its merger with DD3 on November 30, separating itself from Grupo Codere. However, the Bolsa Madrid gaming firm would keep the newly formed enterprise.

Under the terms of the merger, the company received a gross contribution of about $ 116 million (approximately $ 103 million net of transaction expenditures), mainly utilized for marketing spending, business expansion, technological development, and platform optimization.

Ringing the Bell

Moshe Edree, CEO of Codere Online, was tasked with ringing the virtual bell at the Nasdaq Tower in New York, accompanied by company employees and colleagues to remotely signal the start of stock trading. With this, Codere Online Luxembourg S.A.’s ordinary shares and warrants began trading under the tickers “CDRO” and “CDROW,” respectively.

“We have a bold expansion strategy for our online sports betting and casino company in Latin America, and the closing of this operation provides us with the resources necessary to pursue it.” We are delighted to have been invited to ring the Nasdaq opening bell, an event that encapsulates months of effort and demonstrates the strength of our initiative, “said Moshe Edree.

Avatar

About Lou De Aguila

Lou Ramon Aguila is a contributor for Golden Casino News. He has a degree in BSBA Legal Management with great interest in high-profile legal cases involving sports personalities. An ultimate sports junkie, he covers just about everything in the sporting world with an emphasis on the NBA, NFL, and MLB. In his past time, Lou loves to read manga, watch anime and critique pro-wrestling matches.