16 Mar 2023 10:15

Yandex to challenge Nasdaq decision to delist shares

MOSCOW. March 16 (Interfax) - Yandex will file an appeal to overturn Nasdaq's decision to delist the Internet group's Class A shares from the exchange, the company said in a statement.

Nasdaq earlier notified a number of Russian companies that it has decided to delist their securities as of March 24. Besides Yandex, these companies include HeadHunter , Ozon and Qiwi . The companies have seven days to appeal the decision from the date of notification.

Regardless of Nasdaq's final decision, Yandex shares will continue to trade on the Moscow Exchange; nothing will change for investors, trading will continue as usual, the company said.

Yandex, which was listed on Nasdaq in 2011, recalled that its incentive program for employees has not been linked to its shares since trading of the securities on Nasdaq was suspended on February 28, 2022.

If it is delisted from Nasdaq, Yandex said it will continue to disclose financial results in line with international standards for public companies, and its operations will not be affected.

Trading of Yandex shares on the U.S. exchange was suspended in February 2022 after Russia began its military operation in Ukraine and has not resumed since. Yandex N.V . shares were worth $18.94 on February 25, 2022, giving the company a market capitalization of $6.63 billion.

Yandex's largest shareholder is a family trust established by company cofounder Arkady Volozh, which holds 8.5% of Yandex equity and 45.1% of votes. The company's free float is 87.6% (46.4% of votes).