MOSCOW, Mar 21 Yandex has filed an appeal against the NASDAQ's decision to delist its Class A shares, and a hearing on the appeal is expected to take place within 45 days of filing, the company said.
NASDAQ and the New York Stock Exchange last Wednesday announced plans to delist the securities of a number of companies in the main business in Russia, including Yandex, HeadHunter, Ozon, Qiwi and CIAN. Later, the Moscow Exchange announced that it would continue trading in the securities of these companies as usual.
At the same time, Yandex announced that it would challenge the decision to delist its shares from the stock exchange, while a possible delisting would not affect the company's operations.
«Yandex filed an appeal against the NASDAQ decision to delist shares of a class A company. Yandex received notice of the delisting on March 15. It is expected that a hearing on the appeal will take place within 45 days from the date of filing. According to the rules of the exchange, delisting cannot be carried out while the consideration is pending The company's securities have not been traded since February 28, 2022,» the company said.
The company noted that regardless of the final decision of NASDAQ, Yandex shares continue to be traded on the Moscow Exchange.
May 2011 Yandex N.V. (Yandex's parent company) floated 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 in the company's shares on NASDAQ was suspended on February 28 due to a special military operation in Ukraine, along with other securities of issuers with a core business in Russia. There was also a suspension on the Moscow Exchange, but it ended at the end of March.