DD3 II (DDMX) Shareholders Approve Codere Online Deal

DD3 II(NASDAQ:DDMX) secured shareholder approval of its combination with gaming platform Codere Online in a special meeting yesterday.

Present at the special meeting were holders of 11,086,703 shares of common stock, par value $0.0001 per share, representing approximately 69.31% of the voting power.

Although today’s press release and 8-K did not disclose redemption amounts, DDMX traded above $10 throughout its redemption deadline November 16.

The deal is expected to close on November 30, and the combined company’s shares and warrants are expected to begin trading on the Nasdaq Capital Market under the symbols “CDRO” and “CDROW,” respectively, following the consummation of the business combination.

DD3 II initially announced its $353 million deal with Codere in June. Madrid-based Codere Online is the internet division of the Codere Group (MD:CDRE), which operates physical casinos in Spain, Italy, Mexico, Colombia and Panama. Codere Online offers sports betting and online casino features on the web and mobile.

DD3 completed its first deal when it closed its transaction with Betterware (NASDAQ:BWMX) on March 13, 2020. Betterware sells appliances and household goods to the Mexican market through an ecommerce portal.

ADVISORS

• Stifel is serving as financial and capital markets advisor to Codere Online.
• Davis Polk & Wardwell is acting as U.S. legal advisor to Codere Online.
• Clifford Chance is acting as legal advisor to Codere Online in Luxembourg.
• Deloitte is serving as accounting advisor to Codere Online.
• EarlyBirdCapital is acting as financial and capital markets advisor as well as placement agent to DD3.
• Greenberg Traurig and Pérez-Llorca are acting as legal advisor to DD3.
• Stibbe is acting as legal advisor to DD3 in Luxembourg.