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HeadHunter Group PLC (Nasdaq: “HHR”, MOEX: “HHRU”) (“HeadHunter,” “we” or the “Company”), announces that on March 15, 2023, the Company received a written notice (the “Delisting Notice”) from the listing qualifications department staff (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that, in accordance with Nasdaq Listing Rule 5101, the Staff has determined to delist the Company’s American Depositary Shares, each representing one ordinary share of the Company (the “ADSs”), from Nasdaq.
In reaching its decision, the Staff indicated that its determination was based on the ongoing geopolitical events and their potential impact on the Company, and that the Delisting Notice was issued in reliance on Nasdaq’s 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.”
We believe that we have been and remain in full compliance with all applicable reporting obligations and qualitative and quantitative listing criteria of Nasdaq and met all additional requests for disclosure by Nasdaq since the suspension of trading on February 28, 2022.
The Company intends to request a hearing before a Nasdaq Hearings Panel (the “Hearing Panel”) to appeal the Delisting Notice. The Delisting Notice indicates that the Company’s hearing request will stay the delisting of the Company’s securities pending the conclusion of the hearing process. Consequently, the Company’s ADSs will remain listed on Nasdaq at least until the Hearing Panel renders a decision following the hearing. There can be no assurance that the Hearing Panel’s decision will grant the Company’s request for continued listing on Nasdaq.
Trading of the Company’s ADSs was suspended by Nasdaq on February 28, 2022 and remains suspended. The trading suspension is not affected by the receipt of the Delisting Notice or the appeal to the Hearing Panel. The Company’s ADSs continue to be registered under the U.S. Securities Exchange Act of 1934, as amended, and the Company is current in its reporting obligations.
The trading of the Company’s ADSs on the Moscow Exchange is unaffected and continues as usual.
The Delisting Notice does not impact HeadHunter’s business operations or financial position, and we remain focused on maintaining business growth. Neither the Company nor any of its subsidiaries is directly subject to any sanctions imposed by authorities of the United States, the United Kingdom, the European Union or other countries.
Posted In: HHR
