(MENAFN) Four Russian technology giants, including Yandex, Ozon, HeadHunter and Qiwi, have requested a hearing on March 24 in order to challenge the decision made by the Nasdaq stock market to delist their securities. The decision by Nasdaq to delist the shares of these corporate majors has prompted the companies to take action against the US exchange.
Nasdaq has stated that shares of these companies will remain halted and unavailable to trade until an appeal is resolved, unless they appeal to a Listing Qualifications Hearings Panel. Similarly, the New York Stock Exchange (NYSE) announced last week that it had decided to delist CIAN, a Russian tech firm that runs a classifieds portal. In response, CIAN has stated its intention to appeal the decision by submitting a written request to the NYSE's Committee of the Board of Directors.
According to the rules of the exchange, delistings can be suspended if an appeal is filed before a written decision is made by the commission. The hearing must be held within 45 days of the company's request. The decision to delist these Russian tech giants has therefore created a sense of urgency for the companies to take action to appeal the delisting decision in order to prevent any negative impact on their business operations.
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