Russian tech giants appeal Nasdaq delisting

Four Russian tech giants have requested a hearing on March 24 to appeal the Nasdaq stock market’s decision to delist their securities. Internet major Yandex, e-commerce firm Ozon, online recruitment platform HeadHunter, and payment service provider Qiwi are all taking action against the US exchange. 

Last week, Nasdaq said that it would delist shares of the corporate majors unless they appeal to a Listing Qualifications Hearings Panel. It added that the securities will remain halted and unavailable to trade until any appeal is resolved.

A similar decision was announced last week by the New York Stock Exchange (NYSE) in relation to CIAN, a Russian tech firm that runs a classifieds portal. The company said it would appeal the ruling by submitting a written request to the NYSE’s Committee of the Board of Directors. 

Delistings can be suspended if an appeal is filed before a written decision is made by the commission. According to the rules of the exchange, the hearing must be held within 45 days of receiving the request by the company.

Trading in the securities of a number of companies operating in Russia was halted on February 28, 2022, after Moscow launched its military operation in Ukraine. The suspension triggered default clauses on the exchange bonds issued by Yandex and Ozon.

Yandex first went public on the Nasdaq in 2011, via a parent holding company registered in the Netherlands. This was followed by a secondary listing on the Moscow Exchange three years later. The company’s shares hit a record high in November 2021, when its market cap amounted to $31 billion.

Ozon raised around $1 billion in its initial public offering in late 2020, a debut that sparked an IPO boom for the Russian corporate sector.

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