Codere Online, a Latin American internet gambling firm, has finally joined forces with DD3 Acquisition Corp II, a special purpose acquisition company. This means their stock is now available on the Nasdaq Capital Market, making Codere Online the first Latin American online gambling operator to be listed on a US stock exchange.
The merger brings in a total of $116 million, which will be used to expand their marketing efforts in Latin America and invest in new technologies. Codere Online’s Chief Executive, Moshe Edree, expressed his enthusiasm about this accomplishment and the company’s future.
This merger follows a restructuring process undergone by Codere Group, resulting in creditors taking control of the business. The company had been facing financial difficulties due to high debt levels, which were exacerbated by the COVID-19 pandemic and currency fluctuations.
This merger of operations will empower the digital enterprise to flourish as a self-sufficient entity,” stated Vicente Di Loreto, head of the Codere Group.
“The finalization of this deal, following the recent financial reorganization of the Codere Group, will furnish Codere Online with the framework and assets to prosper in the swiftly expanding and dynamic online gaming sector,” he remarked.
Upon the completion of the agreement, the newly consolidated business also named Patrick J. Ramsey, former digital head of Aristocrat Technologies and American chief executive, as its new presiding officer. Ramsey also held the position of chief executive of Multimedia Games from 2010 to 2014 and was a member of the board of directors for technology provider Simplebet.
“We are thrilled to welcome Patrick to our team on this endeavor,” said Edrei. “His two decades of experience in our field, encompassing both traditional and online ventures, as well as his leadership of a Nasdaq-listed firm, will be crucial to our achievement.”
“We can’t envision a more suitable individual to guide our board, and I am certain that he will contribute significantly to our company.”
Ramsey will oversee a board that also includes Edrei, Codere Online chief financial officer Oscar Iglesias, Codere Group chief strategy officer Alejandro Rodino, former DD3 chairman and chief executive Dr. Martin Werner, MG Capital managing partner Daniel Valdes, and independent director Laurent Teitgen.
Codere is a prominent participant in the rapidly expanding online gaming sector and is strategically situated to carry out its strategies, Ramsay stated. He expressed enthusiasm about collaborating with his associates to provide assistance to Moshe and his team as they explore promising prospects in the future.
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