Summary:

• Yandex and four other Russian tech companies are set to be delisted from Nasdaq and NYSE.
• The company’s value has been significantly affected since the invasion of Ukraine, and Yandex’s founder and CEO resigned after being sanctioned by the EU.
• While Yandex and Ozon confirmed that they will appeal the decision, it is unclear what the way forward is for international investors with money in these companies.

Yandex, known as the Google of Russia, and four other Russian tech companies are set to be delisted from stock exchanges Nasdaq and NYSE.

The companies had ceased trading on the exchanges since the invasion of Ukraine and sanctions against firms based in Russia. Many companies in the West and especially in the US also stopped their Russian operations.

Yandex, which is the most prominent of the affected companies, made its Nasdaq debut in 2011 and reached an all-time high in 2021 with its market cap rising to $31 billion.

However, since the invasion of Ukraine, the company’s value has been dealt a severe blow. Its founder and CEO Arkady Volozh quit after he was sanctioned by the EU in June 2022.

Also read:
–AI-Powered Writing Assistant Coming To Google Workspace Users
–44 African Startups Raised $675 Million Funding In February 2023
–5 Main Differences Between GPT-4 And GPT-3.5 (ChatGPT).

To stay afloat, Yandex sold its news service to a Russian-controlled company and attempted to reinvent itself through its international divisions, making moves in the self-driving vehicle and cloud computing space.

The other companies to be delisted are online recruitment platform HeadHunter, e-commerce company Ozon, payment service provider Qiwi, and  online real estate marketplace CIAN Group.

TechCrunch reports that Nasdaq contacted Yandex, HeadHunter, Ozon, and Qiwi that they would be delisted on March 24 while NYSE also notified CIAN Group, although it did not give a date.

While conditions to be delisted from Nasdaq range from bankruptcy or financial distress to violation of securities laws, these companies may have been flagged because of the clause that says:

“…based on any event, condition, or circumstance that exists or occurs that makes initial or continued listing of the securities inadvisable or unwarranted in its opinion, even though the securities meet all enumerated criteria for initial or continued listing on Nasdaq.”

Yandex and Ozon confirmed that they will be filing an appeal, which is within their right as they can request a hearing from a Nasdaq advisory committee.

It is not yet clear what the way forward is for the international investors with their money in these companies. With trading suspended since over a year, it would have been difficult for investors to sell their shares without resorting to over-the-counter markets or other exchanges. From price volatility to fraud, trading shares without a regulatory body is too risky.

For your daily dose of tech, lifestyle, and trending content, make sure to follow Plat4om on Twitter @Plat4omLive, on Instagram @Plat4om, on LinkedIn at Plat4om, and on Facebook at Plat4om. You can also email us at info@techtalkwithtdafrica.com and join our channel on Telegram at Plat4om. Finally, don’t forget to subscribe to OUR YOUTUBE CHANNEL.