Yandex objects to NASDAQ’s decision to delist Class A shares

MOSCOW, March 21 – RIA Novosti. Yandex has objected to NASDAQ’s decision to delist its Class A shares, and the objection is expected to be heard within 45 days, the company said in a statement.

NASDAQ and the New York Stock Exchange announced plans last Wednesday to divest the securities of a number of companies from their main business lines in Russia, including Yandex, HeadHunter, Ozon, Qiwi and CYAN. Later, the Moscow Stock Exchange announced that it would continue trading in the securities of these companies as usual.

At the same time, Yandex announced that it will appeal the decision to delist its shares, and that a possible delisting will not affect the company’s operations.

“Yandex has appealed NASDAQ’s decision to delist the shares of a Class A company. Yandex received notification of the delisting on March 15. The appeal is expected within 45 days from the filing date. According to exchange rules, delisting cannot be done while the assessment is pending. The company’s securities have not been traded since February 28, 2022.

The company noted that regardless of NASDAQ’s final decision, Yandex shares continue to be traded on the Moscow Stock Exchange.

In May 2011, Yandex NV (Yandex’s parent company) put its shares on the American NASDAQ stock exchange, and three years later, in June 2014, the company’s papers began trading on the Moscow Stock Exchange. Trading of the company’s shares in NASDAQ was suspended on February 28 due to a special military operation in Ukraine and other securities of issuers whose main business is in Russia. There was also a suspension on the Moscow Stock Exchange, but it ended at the end of March.