A Nasdaq Hearings Panel has upheld a decision to delist the American Depositary Shares (ADS) of Russian job board HeadHunter from the US exchange after considering an appeal against the decision by the job board.

On March 2023, the listing qualifications staff notified the job board of its determination to delist the company's ADSs from Nasdaq in reliance on its discretionary authority under the Nasdaq Listing Rule 5101.

The company then filed a request for a hearing to the Nasdaq hearings panel to appeal the delisting determination, which took place on 27 April 2023. On 6 June 2023, HeadHunter received the panel’s written decision in which it upheld its delisting determination.

HeadHunter said it does not plan to request that the final delisting decision be reviewed by the panel’s appeal body, “as it would not be feasible to disentangle the company's operations from Russia to the extent required for addressing the concerns raised by the hearings panel.”

Following its delisting from Nasdaq, HeadHunter said it will continue to adhere to its reporting obligations as long as the company's ADSs are registered under the US Securities Exchange Act of 1934, as amended. Furthermore, its trading of the company's ADSs on the Moscow Exchange is unaffected and continues as usual.

HeadHunter said it is "also considering several strategic alternatives which may be carried out following the delisting, potentially including providing liquidity to the company's shareholders, redomiciling or restructuring the company by moving its corporate governance to Russia" from Cyprus. However, the company said it "has not made any definitive plans" to date.

“The final delisting decision does not impact HeadHunter's business operations or financial position, and we remain focused on maintaining business growth,” the group stated. “Neither the company nor any of its subsidiaries is directly subject to any sanctions imposed by authorities of the US, the UK, the European Union or other countries.”

HeadHunter ranks No. 17 on SIA’s global list of largest online job advertising firms.