Page 12 - RusRPTJul23

2.3 Yandex keeps its New York listing
US stock exchange Nasdaq has decided not to delist the Russian tech giant
Yandex NV from its New York exchange, provided the company completes
plans to sell off all its Russian assets, the company announced on June 8.
On March 15, shortly after the outbreak of the war in Ukraine, Yandex received
a notice from Nasdaq’s Listing Qualifications Staff informing the management
that the company’s Class A ordinary shares would be delisted from the US
exchange as part of the extreme sanctions imposed on Russia and its leading
companies.
Yandex appealed against the decision and began the process of ditching its
Russian assets, which are in the process of being sold off, but keeping all its
non-Russian assets in the US listed entity.
A hearing was held before the Nasdaq Hearings Panel on April 27 to consider
Yandex’s appeal.
On June 6, 2023, Yandex was told the Hearings Panel had decided to grant
Yandex’s request and to continue its listing on Nasdaq, subject to certain
conditions related to the timing and implementation of Yandex’s proposed
corporate restructuring. Specifically, Nasdaq insisted that ownership and
control of a number of core Russian businesses must be sold by the end of
Trading in the company’s shares on Nasdaq was halted on February 28 and
the shares remain frozen, despite the positive decision by the exchange. The
trading of Yandex NV’s Class A shares on the Moscow Exchange have been
unaffected and continue to be traded as usual, the company said.
Yandex’s Board of Directors is in the process of restructuring the company and
have received proposals from a number of potential investors to acquire the
company’s core businesses, including all the Russia-based businesses.
Russia’s President Vladimir Putin greenlighted the sale of the controlling stake
in the internet giant Yandex to VTB Bank and billionaires Vladimir Potanin,
Vagit Alekperov, Alexei Mordashov and VTB Bank on May 22.
But Yandex’s board resolved on May 25 that new shareholders will not get
control over the company after the restructuring, which will
"The new economic investors will not have control over the company. As with
the current corporate structure, Yandex's management will retain control," the
press service said as cited by
2023.
its management.
Kommersant on May 26.
12 RUSSIA Country Report July 2023 www.intellinews.com
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