The trading hiatus of Yandex's New York-listed shares may activate a bond repayment it can’t afford. Even if it cuts a deal with creditors, Yandex’s future looks Kremlin-controlled, dasha_reuters argues.
Russian search engine Yandex, which also has a ride-hailing and e-commerce business, warned late on March 3 that holders of its $1.25 billion convertible bond would have the right to put these notes to the company at par plus accrued interest if the Nasdaq-listed shares were suspended for more than five days. March 4 marked the fifth day in a row the shares were halted.
On March 7, Nasdaq said it was changing Yandex’s status to “additional information requested” from the company, updating the trading halt status. Dutch technology investor Prosus said on March 7 it was writing off its stake in Moscow-headquartered online platform VK, which it said was valued on Prosus's books at $700 million.Yandex.Rover, a driverless robot for delivering hot restaurant meals, is seen at a business district in Moscow, Russia December 10, 2020.
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