Codere Online Luxembourg, S.A. (CDRO) - Dilution Analysis

Visualizing historical and potential share dilution over time

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Dilution Analysis

Medium Risk

Moderate dilution risk

Last updated: June 02, 2026

Risk Assessment Details

Potential Dilution: 173.56% of current shares

Recent Dilution: 0.91% (2 years)

Historical Dilution Factor: minimal recent dilution

Outstanding Shares

45M

Potential Supply

79M

Additional shares possible

Splits

None

Past 2 years

Summary

CDRO currently has 45.5M outstanding shares. with significant dilution risk as 78.9M authorized shares could dilute existing holders by 173.6%. The company has minimally diluted shareholders by 0.91% over the past 2 years.

Share Structure Timeline

Outstanding Shares

Total Supply

Historical Data Points

Date	Event	Outstanding	Supply
Jun 02, 2026	F-3 filing: The company is registering the resale of ordinary shares and private warrants by selling securityholders, alongside the issuance of shares upon exercise of public and private warrants.	45M	79M
Apr 28, 2026	20-F filing \| 45.2M shares outstanding	45M	39M
Jun 02, 2025	20-F filing \| 45.5M shares outstanding	45M	39M
May 01, 2025	20-F filing \| 45.3M shares outstanding	45M	39M
Apr 28, 2023	20-F filing \| 45.1M shares outstanding	45M	39M
Dec 29, 2022	F-3 filing: This F-3 filing registers the resale of ordinary shares and warrants by selling securityholders, as well as ordinary shares issuable upon the exercise of warrants.	45M	39M
Dec 29, 2022	POS AM filing: The filing registers the resale of ordinary shares and warrants by selling securityholders.	45M	39M
Dec 05, 2022	POS AM filing: This POS AM filing registers the resale of Ordinary Shares and Parent Private Warrants by the Selling Securityholders.	45M	0
Sep 30, 2022	POS AM filing: This POS AM filing registers the resale of Ordinary Shares and Parent Private Warrants by the Selling Securityholders.	45M	0
May 12, 2022	POS AM filing: The filing is a POS AM for registration of resale of Ordinary Shares and Parent Private Warrants by Selling Securityholders.	45M	0
Apr 29, 2022	20-F filing \| 45.1M shares outstanding	45M	8M
Feb 24, 2022	F-1 filing: This F-1 filing relates to the offer and sale from time to time by the selling securityholders of up to 7,997,500 Ordinary Shares and 37,000 Holdco Warrants, as well as the issuance by the company of up to 37,000 Ordinary Shares upon exercise of the Holdco Private Warrants.	45M	8M

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