Russian tech giant may retain Nasdaq listing
The US-based Nasdaq stock exchange has reversed its decision to delist the shares of Russian internet giant Yandex, the company announced on Friday. According to the statement, Nasdaq’s hearing panel notified Yandex of the decision to keep its listing on June 6.
“Nasdaq has granted Yandex’s appeal and will not delist the company’s Class-A shares,” Yandex said in a statement. According to the decision, company shares will continue to be listed on the exchange, but the trading halt, implemented on February 28, 2022, will remain in effect until the company finalizes the restructuring and divestment of its Russian business.
“[Nasdaq’s decision is] subject to certain conditions related to the timing and implementation of Yandex’s proposed corporate restructuring, including the divestment of ownership and control of a number of our core businesses, including all Russia-based businesses, by the end of 2023,” Yandex explained.
The Russian company, which is registered in the Netherlands, has a number of international startups which it will retain after the split.
Nasdaq halted trading of Yandex shares, and the stocks of several other listed Russian companies, shortly after Moscow launched its military operation in Ukraine last year. In March 2023, the exchange said it would delist shares of the companies in question unless they appealed to a Listing Qualifications Hearings Panel.
Four Russian tech giants – Yandex, Russian e-commerce firm Ozon, online recruitment platform HeadHunter and payment service provider Qiwi – have so far appealed against the delisting. Ozon said on Wednesday that its appeal had been rejected, but the company plans to seek a review of the decision.
Yandex’s Moscow-listed shares surged 2.5% in early morning trading on news of Nasdaq’s decision.
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