HomeBusinessYandex Secures Favorable Ruling from Nasdaq Listing Hearings Panel

Yandex Secures Favorable Ruling from Nasdaq Listing Hearings Panel

Nasdaq grants Yandex's request to maintain listing, conditional on corporate restructuring and divestment of Russia-based businesses by end of 2023.

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Yandex N.V., the multinational technology company, announced today that it has received a favorable decision from the Nasdaq Listing Hearings Panel regarding its appeal against the delisting determination.

The Panel’s decision allows Yandex to maintain its listing on the Nasdaq stock exchange, subject to specific conditions related to the company’s proposed corporate restructuring.

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Yandex had previously received a written notice from Nasdaq’s Listing Qualifications Staff indicating their intention to delist the company’s Class A ordinary shares. The appeal hearing, held on April 27, 2023, addressed Yandex’s challenge to the staff’s determination.

On June 6, 2023, Yandex received notification of the Hearings Panel’s decision, granting the company’s request to continue its listing on Nasdaq.

However, this decision is contingent upon Yandex’s compliance with certain conditions associated with the timing and execution of its proposed corporate restructuring. The main requirement is the divestment of ownership and control of several core businesses, including all Russia-based operations, by 2023.

While the Nasdaq trading halt, implemented on February 28, 2022, remains in effect, trading of Yandex N.V.’s Class A shares on the Moscow Exchange remains unaffected and continues without interruption.

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Yandex’s Board of Directors, disclosed on May 25, 2023, is actively progressing on its corporate restructuring plans. The company has already received proposals from various potential investors interested in acquiring an economic interest in Yandex’s core businesses, including those based in Russia.

In a statement issued by the company, it said, “Yandex aims to present a comprehensive restructuring proposal to its shareholders for approval later this year. Once a binding agreement is reached regarding the divestment, Yandex will release a shareholder circular outlining the proposed restructuring plan. The restructuring implementation will then be subject to shareholder approval, including separate approval from Class A shareholders.”

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This positive decision by the Nasdaq Hearings Panel offers hope for Yandex as it navigates through corporate restructuring challenges.

“With a clear goal in mind and potential investors showing interest, Yandex is focused on overcoming the conditions set forth by Nasdaq to ensure its continued presence on the prestigious stock exchange,” the statement said.

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Krishna Mali
Krishna Mali
Founder, CEO & Group Editor of TechGraph.
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