Yandex N.V. - YNDX STOCK NEWS

Yandex (NASDAQ:YNDX), a leading internet company in Europe, has announced the scheduling of its 2022 Annual General Meeting of Shareholders (AGM) to ensure the completion of the audit of its 2021 Dutch statutory accounts under IFRS. This decision is influenced by ongoing geopolitical circumstances, but no issues with the accounts have been identified. The company previously released its audited consolidated financial statements under US GAAP on April 20, 2022. More details can be found in their Annual Report.

Yandex N.V. announced an update regarding its Purchase Agreement for $1.25 billion in 0.75% Convertible Notes due 2025. As of June 20, 2022, additional holders have embraced the agreement, leading to Yandex agreeing to purchase 93.2% of the Notes. Completion of this transaction is projected for June 22, 2022, with all conditions met except for those pending on the completion date. Yandex encourages non-party noteholders to reach out to ensure their inclusion in future communications.

Yandex has entered a Purchase Agreement to acquire $1.25 billion worth of 0.75% Convertible Notes due 2025 from holders representing 84.9% of the total notes. Each $200,000 of notes will be purchased for $140,000 in cash and 957 Yandex Class A shares. The cash component will be funded primarily through a commercial loan. The transaction is expected to close by June 24, 2022, subject to necessary approvals. Additionally, certain time periods related to the notes have been extended, and Yandex anticipates all notes to be purchased or redeemed by September 12, 2022.

Yandex has amended the terms of its $1.25 billion 0.75% Convertible Notes due 2025. The company will purchase Notes from the Ad Hoc Group, offering $140,000 in cash and 957 Yandex Class A shares for each $200,000 principal amount. Funding for the cash component will primarily come from a commercial loan, compliant with various laws. Notably, modifications were made to the Trust Deed, affecting the redemption and enforcement conditions. If Yandex purchases 75% of the Notes, they expect all to be redeemed by July 29, 2022.

Yandex N.V., a leading internet business, announced the resignation of its Founder and CEO, Arkady Volozh, following EU sanctions. The Board expressed disappointment over the sanctions, describing them as unjust and misinformed regarding Volozh's contributions to the company and the industry. Volozh's departure is viewed as a necessary step for the company's interests. Yandex continues to support him as he appeals the sanctions, emphasizing the company's commitment to innovation across various technological fields.

On June 3, 2022, Yandex N.V. announced the resignation of co-founder Arkady Volozh as Executive Director and CEO. This decision follows European Union sanctions imposed on Volozh personally, although Yandex and its subsidiaries are not on any sanction lists. Volozh holds a 45.3% voting interest in Yandex through a family trust and has informed the Board that he will not direct the trustee on voting matters. The Board continues to operate normally and emphasizes a strong management team. Volozh supports the team but intends for the trust to vote in line with Board recommendations for the company's best interests.

Yandex N.V. has updated noteholders regarding its 0.75% Convertible Notes due 2025. The company has modified the redemption period for noteholders, now set from June 8 to July 6, 2022, following consent from those holding 75% of the outstanding amount. Earlier put exercise notices submitted are deemed invalid. Yandex is in discussions with an ad hoc committee of noteholders to reach a sustainable solution and encourages noteholders to engage for future discussions. The firm emphasizes its commitment to progress in these negotiations.

Yandex N.V. provided an update on its 0.75% Convertible Notes due 2025. Following the suspension of its Class A shares trading on Nasdaq since February 28, 2022, noteholders can redeem their notes at par plus accrued interest. The outstanding principal is $1.25 billion. Yandex has extended the redemption period from May 3 to June 7, 2022, for 30 days, aiming for majority approval from noteholders. The company invites noteholders to engage in discussions to ensure their inclusion in future updates.

Yandex N.V., a leading internet business in Europe, has reached an agreement in principle with VK to sell its news aggregation platform and infotainment service, Zen. While the transaction details are still being discussed, it awaits approval from FAS. Yandex emphasizes its commitment to enhancing online and offline navigation through machine learning and intelligent products. The company has highlighted potential risks that may impact the sale, including macroeconomic factors and regulatory challenges.