Qiwi appeals Nasdaq's decision to delist its shares

MOSCOW. March 22 (Interfax) - Qiwi has filed a request for a hearing in order to appeal Nasdaq's decision to delist Qiwi's shares, the group said in a statement.

The group on March 21 filed a formal request for a hearing on Nasdaq's decision to delist Qiwi's shares, the group said in the statement.

"Qiwi complies with all applicable disclosure requirements, adheres to high standards of corporate governance, and meets all the qualitative and quantitative criteria for listing on the exchange," the group notes.

Trading in Qiwi's American Depositary Shares (ADS) will remain suspended during the delisting process, and the delisting decision will remain unconfirmed, the company said.

"There will be no delisting until the hearing panel has issued a written decision on the outcome of the hearing," Qiwi notes.

Nasdaq notified Qiwi on March 15 that it would delist Qiwi's shares effective March 24, 2023. The group stated that the decision does not have any impact on its operations, financial position, and/or business development.

Nasdaq suspended trading in Qiwi's ADS on February 28, 2022, owing to the geopolitical situation.

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

Qiwi has a free float of 71.5% of the total number of shares. The company's largest shareholder is Sergei Solonin with a 28.2% stake and 71.2% of the votes.