Codere Online has officially entered the Nasdaq stock exchange after uniting with a special purpose acquisition corporation, or SPAC, known as DD3 Acquisition Corp II.
This combination, initially revealed in June, marks Codere Online as the inaugural Latin American online gambling enterprise to be listed on a U.S. trading platform. Codere Online was detached from the larger Codere Group.
The organization will obtain roughly $116 million in funds, or $103 million after settling the merger costs. They intend to utilize these resources to expand their advertising efforts in Latin America and enhance their technological infrastructure.
Moshe Edree, the leader of Codere Online, stated, “We are thrilled to have completed this transaction after extensive endeavors. We aim to leverage these funds to establish ourselves as a leading online gaming and sports betting entity in Latin America.”
This agreement follows a restructuring of the Codere Group’s operations. The company had accumulated substantial debt and encountered difficulties during the COVID-19 outbreak when its primary markets were shut down. They also experienced challenges related to currency fluctuations.
The merging of these two deals will enable the internet business to flourish as a self-governing entity, stated Vicente Di Loreto, head of Codere Group.
The finalization of this deal, subsequent to Codere Group’s recent financial reorganization, will give Codere Online the framework and assets to prosper in the quickly expanding and changing online betting market, he mentioned.
The newly combined firm also named Patrick J. Ramsey, previous Chief Digital Officer and US Chief Executive of Aristocrat Technologies, as its new head, with the completion of the deal. Ramsey also served as CEO of a multimedia gaming enterprise from 2010 to 2014 and was a member of the board of technology provider Simplebet.
“We are delighted to have Patrick join us on this venture,” Edrei stated. “His 20 years of experience in our sector, encompassing retail and online operations, as well as his leadership experience with a Nasdaq-listed corporation, will be essential to our success.
“We can’t envision a better individual to lead our board, and I am certain he will bring immense value to our company.”
Ramsey will lead a board that also includes Edrei, Codere Online CFO Oscar Iglesias, Codere Group Chief Strategy Officer Alejandro Rodino, former DD3 Chairman and CEO Dr. Martin Werner, MG Capital Management Partner Daniel Valdes, and independent director Laurent Teitgen.
Codere is ideally positioned to execute its strategic plan, operating in the rapidly expanding digital sector of the gaming industry, Ramsay remarked. “I am enthusiastic to collaborate with my fellow board members to support Moshe and his team as they pursue exceptional opportunities in the future.”
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