16 Mar 2023 11:46

Qiwi may appeal Nasdaq's decision to delist its shares

MOSCOW. March 16 (Interfax) - Qiwi may appeal Nasdaq's decision to delist its American Depositary Shares (ADS), the group said in a statement.

"The decision to delist was taken unilaterally by the Nasdaq. The board of directors plans to consider filing an appeal against the exchange's decision," the group said.

Nasdaq notified Qiwi the previous day that it was delisting its shares effective March 24, 2023.

"The decision on delisting from the Nasdaq has no effect whatsoever on Qiwi's operations, financial condition, or business development," the group said.

Nasdaq notified Qiwi the day before that it was delisting its shares effective March 24, 2023. A similar notification was received by Headhunter , Ozon , and Yandex . In turn, the New York Stock Exchange announced the start of the delisting procedure for depositary receipts of Cian PLC, owner of the Cian service.

Qiwi emphasized that it complies with all necessary disclosure requirements and adheres to high standards of corporate governance. "We maintain a high level of transparency and will continue our practice of quarterly financial disclosures even after the suspension of trading on the Nasdaq," the statement said.

Cian is currently "studying the delisting procedure to determine further steps," the company's press service told Interfax.

Nasdaq suspended trading of Qiwi ADS on February 28, 2022 due to the geopolitical situation; at the same time, trading in Cian securities on the NYSE was suspended. Trading has not resumed since then.

Trading in Qiwi securities on the Moscow Exchange continues as usual, the group notes.

"Regardless of the final decision of the NYSE, for investors on MOEX, everything remains unchanged; the Moscow Exchange confirmed that trading in the company's receipts will continue as usual in accordance with the regulation of the Bank of Russia. "We will continue to disclose financial and operational indicators in accordance with international standards for public companies and applicable regulation," Cian said in turn, adding that the situation does not affect the company's operations and financial stability, and the service continues to operate as usual.

Qiwi's free float is 71.5% of the total number of shares (the company's largest shareholder is Sergey Solonin, who owns 28.2% of shares and 71.2% of votes). Cian's free float is nearly 30%.