Nasdaq Reverses Decision, Yandex Shares to Remain Listed

The Nasdaq stock exchange in the United States has announced its reversal of the decision to delist the shares of Russian internet giant Yandex. Yandex revealed on Friday that it had been notified by Nasdaq’s hearing panel about the decision to maintain its listing.

In a statement, Yandex said, “Nasdaq has granted Yandex’s appeal and will not delist the company’s Class-A shares.” This means that Yandex’s shares will continue to be listed on the exchange. However, the trading halt, which was implemented on February 28, 2022, will remain in effect until the company completes the restructuring and divestment of its Russian business.

Yandex further explained, “[Nasdaq’s decision is] subject to certain conditions related to the timing and implementation of Yandex’s proposed corporate restructuring, including the divestment of ownership and control of a number of our core businesses, including all Russia-based businesses, by the end of 2023.” The company, registered in the Netherlands, plans to retain its international startups after the split.

The trading halt on Yandex shares, along with those of several other Russian companies listed on Nasdaq, was initiated shortly after Moscow launched its military operation in Ukraine last year. In March 2023, Nasdaq had stated that it would delist the shares of the concerned companies unless they appealed to a Listing Qualifications Hearings Panel.

Among the four Russian tech giants that have appealed against the delisting, Yandex, Russian e-commerce firm Ozon, online recruitment platform HeadHunter, and payment service provider Qiwi, Yandex’s appeal has been successful. However, Ozon announced on Wednesday that its appeal had been rejected. The company intends to seek a review of the decision.

Following the announcement of Nasdaq’s decision, Yandex’s Moscow-listed shares experienced a 2.5% surge in early morning trading, indicating positive market sentiment towards the company’s future.

Investors and market observers will be closely monitoring Yandex’s progress in meeting the conditions set by Nasdaq, particularly the restructuring and divestment of its Russian business, which are crucial milestones to secure its continued listing on the exchange.