Yandex Receives Notice of Delisting from Nasdaq and Intends to Appeal

Rhea-AI Summary

Yandex (NASDAQ:YNDX) announced on March 15, 2023, that it received a delisting notice from Nasdaq due to ongoing geopolitical issues affecting Russia, invoking Nasdaq Listing Rule 5101. The trading of Yandex's Class A shares on Nasdaq has been suspended since February 28, 2022. The company plans to appeal this delisting decision through a hearing, and its shares will remain listed during the process. Despite this, Yandex's operations and financial obligations remain unaffected, and trading on the Moscow Exchange continues as usual. The company has not been sanctioned by major western authorities.

Positive

• Yandex plans to appeal the Nasdaq delisting decision, which may allow for continued listing.
• Operations and financial positions remain stable, unaffected by the delisting notice.
• No sanctions from the EU, US, UK, or Switzerland on Yandex or its subsidiaries.

Negative

• Received a formal notice of potential delisting from Nasdaq due to geopolitical issues.
• Shares continue to be suspended on Nasdaq since February 2022.

MOSCOW, RUSSIA and AMSTERDAM / ACCESSWIRE / March 15, 2023 / Yandex (NASDAQ:YNDX)(MOEX:YNDX), a Dutch public limited company and one of Europe's largest internet businesses, today announced that it received a written notice (the "Notice") from the Listing Qualifications Staff (the "Staff") of The Nasdaq Stock Market LLC ("Nasdaq") indicating that the Staff has determined to delist the Company's securities from the Nasdaq Global Select Market.

In the Notice, the Staff notes the continued geopolitical circumstances affecting Russia and their potential impact on the Company, and states that the Staff is therefore exercising its broad discretionary authority under Nasdaq Listing Rule 5101 to delist securities "based on any event, condition, or circumstance that exists or occurs that makes initial or continued listing of the securities on Nasdaq inadvisable or unwarranted in the opinion of Nasdaq, even though the securities meet all enumerated criteria for initial or continued listing on Nasdaq".

Nasdaq suspended the trading in securities of a number of companies with material operations in Russia, including Yandex N.V. Class A shares, on February 28, 2022.

The Company intends to request a hearing (the "Hearing") before a Nasdaq Hearings Panel (the "Panel") to appeal the Staff's determination. Yandex N.V.'s Class A shares will remain listed on Nasdaq pending the outcome of the Hearing. There can be no assurance that the Panel will grant the Company's request for continued listing.

The trading of Yandex N.V.'s Class A shares on the Moscow Exchange is unaffected and continues as usual.

The Company's Class A shares continue to be registered under the U.S. Securities Exchange Act, and the Company is current in its reporting obligations.

Nasdaq's notice of determination does not affect the Company's operations, services, financial position or ability to meet all financial obligations to partners and other counterparties.

Neither Yandex nor the Group's subsidiaries have been included on the sanctions lists of the European Union, the United States, the United Kingdom or Switzerland.

About Yandex

Yandex (NASDAQ and MOEX: YNDX) is a technology company registered in the Netherlands that builds intelligent products and services powered by machine learning. Our goal is to help consumers and businesses better navigate the online and offline world. Since 1997, we have delivered world-class, locally relevant search and navigation products, while also expanding into e-commerce, online entertainment, cloud computing and other markets to assist millions of consumers in Russia and a number of international markets.

More information on Yandex can be found at https://ir.yandex/

Contacts:

Investor Relations
Yulia Gerasimova
E-mail: askIR@yandex-team.ru

Press Office
Ilya Grabovskiy
E-mail: pr@yandex-team.com

SOURCE: Yandex N.V.

View source version on accesswire.com:
https://www.accesswire.com/744041/Yandex-Receives-Notice-of-Delisting-from-Nasdaq-and-Intends-to-Appeal

FAQ

What is the reason for Yandex's delisting notice from Nasdaq?

Yandex received the delisting notice due to ongoing geopolitical circumstances affecting Russia.

What is Yandex's stock symbol?

Yandex's stock symbol is YNDX on the Nasdaq exchange.

Is Yandex appealing the delisting decision from Nasdaq?

Yes, Yandex intends to appeal the delisting decision through a hearing.

How has the delisting notice impacted Yandex's trading?

Yandex's trading on the Moscow Exchange remains unaffected, while trading on Nasdaq is suspended.

What are the implications of Yandex's delisting notice for investors?

The delisting notice indicates potential instability but does not currently affect Yandex's financial obligations or operations.