The NASDAQ stock exchange announced that it would delist several companies active in Russia. Among them are well-known names such as Yandex, Ozone, HeadHunter, Qiwi, and Cian. As a result, trading in the securities of these issuers on NASDAQ will halt for the time being.
In a formal statement, NASDAQ explained that it has decided to delist securities of a number of companies doing business in Russia, including the Class A shares of Yandex. The planned delisting date was set for March 24.
Ozone, once a popular online retailer, received a direct notification from NASDAQ that its American Depositary Shares would be forcibly delisted. Ozone emphasized that it was not under sanctions imposed by the United States or the European Union. It also noted that the delisting does not impact the company’s operations or financial stability, and that business development would proceed as usual.
The company said it intends to appeal the decision and would seek a special panel hearing within seven calendar days of notification. The appeal would be heard within roughly six weeks from the filing of the request.
Ozon previously reported that its ADS trading had been suspended by the Exchange on February 28, 2022, and that trading had not resumed since then. The firm affirmed that the delisting notice had been received, and, like Ozon, would pursue the delisting appeal by the stated deadline.
Similarly, Yandex confirmed receipt of the NASDAQ delisting notice. The company plans to challenge the decision and, in the event of a delisting, indicated that its securities would continue to trade on the Moscow Exchange. Investors were assured that no immediate changes would affect trading activities on the domestic platform.
In its communications, Yandex stressed that the delisting would not disrupt its day-to-day operations or its obligations to customers and partners. The press service reiterated that all services would continue unchanged and that settlements with partners would be completed on time and in full. It also noted that the agreement on ongoing joint support programs would stay in force, preserving existing commitments.
It was recalled that NASDAQ had suspended the sale of Yandex shares on February 28 of the previous year following the onset of events in Ukraine. Neither Yandex NV nor other members of the Yandex group were facing sanctions from the EU, the United States, or the United Kingdom, according to the company’s statements.
When the share sales were halted, a technical risk of default emerged as holders of 2025 bonds could seek earlier repayment if conditions permitted. At that moment, the debt was estimated around $1.25 billion and was not included in the company’s accounts. Regardless, several bondholders pressed for accelerated repayment, seeking to recover funds ahead of schedule.
With the NASDAQ delisting announcement, Yandex reaffirmed that it would continue trading in HeadHunter, Ozon, Qiwi, and Cian on the Moscow Exchange. The Moscow Exchange stated that under Russian Central Bank rules, issuers of foreign securities trading on the Moscow platform would maintain their current listing levels provided they continue to disclose the required information.