Following the ringing of the virtual bell at the Nasdaq Tower in Times Square, New York, on Wednesday, Codere Online is now live on the North American stock market.
Moshe Edree, CEO of Codere Online, rang the bell at Nasdaq’s market opening alongside Codere employees and collaborators, kicking off the start of stock trading.
Codere Online Luxembourg SA common shares and warrants have started trading under the tickers “CDRO” and “CDROW”, respectively.
Edree commented: “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 crystallizes the strength of our project.”
Vicente Di Loreto, CEO of Grupo Codere, which holds a majority stake in Codere Online, added: “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.”
Codere Online concluded its merger with SPAC DD3 Acquisition Corp II (DD3) on November 30 after the approval of the operation by its shareholders’ meeting on November 18 and compliance with the closing conditions.
As a result of the merger, the operator has received a gross contribution of approximately $116m (approximately $103m net of transaction expenses), subject to the terms and conditions of the merger. This will be used mainly in marketing investments, growth of the business, technological development and optimization of the gaming platform.
Following the appointment of Patrick Ramsey as Non-Executive Chairman, Codere Online has concluded the composition of its Board of Directors, made up of four members appointed by the Codere Group: Moshe Edree, CEO of Codere Online; Oscar Iglesias, CFO of Codere Online; Alejandro Rodino, Director of Strategy and Corporate Areas of Grupo Codere; and Laurent Teitgen, as independent director.
It also includes two independent directors nominated by DD3 Sponsor Group, LLC: Martin M Werner, President and CEO of DD3 Capital Partners, and Daniel Valdez, Portfolio Director of MG Capital.
