Spanish casino company Codere has formulated the listing of online sports betting and casino subsidiary Codere Online on the U.S. stock market.
According to related industries on Wednesday, Cordere recently submitted a preliminary securities report to the US Securities and Exchange Commission (SEC) to list Cordere Online on the Nasdaq.
Cordere is pushing for the IPO of Cordere Online through a merger with DD3 Acquisition, a corporate acquisition purpose company (SPAC) listed on the Nasdaq market.
This will raise $77 million (about 90 billion won) in cash, which will maintain a majority stake in the merged company for stable operations.
The two companies are aiming to complete the merger in the fourth quarter. The value of the merged company is expected to reach 350 million dollars (about 410 billion won).
Cordere Online is a company that provides online sports betting and casino(바카라사이트) services.
It is currently operating in Spain, Italy, Mexico, Colombia and Panama, and plans to enter Brazil and Argentina later this year.