The NASDAQ exchange plans to delist securities of large Russian companies. On Thursday, March 16, reports the Businesswire.
Yandex, Ozon, Qiwi, HeadHunter and CYAN are going to be removed from the list of stock exchange quotes. Moreover, the American trading platform has already notified Yandex NV, Ozon Holdings Plc, Qiwi Plc and HeadHunter Group Plc that their shares will disappear from the listing from March 24, unless the companies appeal the decision.
Yandex and Ozon commented on the decision of the exchange, assuring that the exclusion from its register will not affect their operations in any way. At the same time, the first listed company reported that it had received notification of plans to delist Class A shares.
Yandex has the right to review the decision by the Committee of the Board of Directors of the Exchange.
“Yandex will file an appeal with the NASDAQ in the near future,” the statement reads.
Yandex assures that a possible delisting will not affect its operations in any way. Services will continue to operate as before, and “settlements with partners will continue to be completed on time and in full.” “All previously announced partner support programs will remain in place”
It is noted that Yandex shares will continue to be traded on the Moscow Exchange, regardless of the decision of NASDAQ.
At the same time, Ozon is currently studying the process of appealing the delisting. The Russian company notes that, according to the rules of the exchange, in the event of an appeal, the delisting process will be suspended until a written decision is made by a special commission. An appeal hearing must be held within 45 days of the company’s request.
“In any case, the decision to delist does not affect the company’s operations and does not violate its financial stability. We continue to grow our business,” Ozon said in a statement.
The company noted that it has always complied with all NASDAQ requirements and noted that it is not under sanctions.
Trading in the shares of these companies was suspended on February 28, 2022. On the same day, the US Treasury banned transactions with the Russian Central Bank, the Treasury and the National Welfare Fund.
On February 24, 2022, Washington imposed sanctions on a number of Russian companies with state participation or organizations important for the economy, and on “two more companies with a predominance of private capital.” Following the United States, restrictions against Russian banks have also been introduced by other countries.
The sanctions followed in response to the special operation carried out by the Russian Federation to protect the Donbass.
