The Nasdaq exchange announced the delisting of shares of Yandex and other Russian tech companies
The Russian company Yandex, registered in the Netherlands, received a notice of delisting from the Nasdaq exchange – the same notice was received by the companies Ozon, Qiwi and HeadHunter.
This is stated in the stock exchange reports.
Thus, Yandex received a written notification from the Nasdaq Listing Qualification Commission about the decision to delist the company’s securities from the Nasdaq Global Select Market stock exchange list.
The reason was that “the geopolitical circumstances that continue to affect Russia and their potential impact on the Company remain unchanged.” Therefore, the Commission uses its authority to delist securities based on an event/condition that makes listing securities on Nasdaq inappropriate, even if the securities meet all of the criteria for initial or permanent listing.”
Nasdaq has suspended trading in the securities of a number of companies with significant activities in Russia, in particular, Yandex NV class A shares, on February 28, 2022.
Yandex said it will appeal the decision. Until the end of the respective hearings, the shares will remain listed on Nasdaq.