Four Russian tech companies have filed an appeal of the Nasdaq decision to delist their stocks from its exchange. Internet search giant Yandex, e-commerce company Orzon, online recruitment platform HeadHunter, and online payment service Qiwi have all requested a hearing on March 24th to make their case against the exchange’s action.

Nasdaq announced last week it would be delisting the companies, unless they filed an appeal with the Listing Qualifications Hearings Panel. Nasdaq also said the companies’ listings would be halted, and remain unavailable to trade until the appeal was ruled upon.

The New York Stock Exchange announced a similar decision last week, delisting Russian classified ads portal CIAN. The company responded by announcing it would be submitting an appeal to the NYSE’s Committee of the Board of Directors.

Delistings are suspended pending appeal if the appeal is submitted prior to a written decision being issued by the commission. The rules of the exchange dictate that the hearing must be held within 45 days of the request from the company being received.

After Russia launched its military action in Ukraine, trading in a number of securities of companies operating out of Russia was halted on February 28th, 2022.

Default clauses were triggered on exchange bonds issued by Yandex and Ozon, due to the suspensions.

In 2011, Yandex went public on the Nasdaq through a parent holding company registered in the Netherlands. A secondary listing on the Moscow exchange followed three years later. In November of 2021 the company’s shares hit a record high, as the firm’s market capitalization reached $31 billion.

Ozon’s IPO set off an IPO boon for the Russian corporate sector when its initial public offering in late 2020 raised roughly $1 billion.