On Friday, Russian internet giant Yandex announced that the US-based Nasdaq stock exchange has reversed its decision to delist the shares of the company. Nasdaq’s hearing panel notified the tech firm of its decision to allow it to keep its listing on June 6th.

In a statement, Yandex said, “Nasdaq has granted Yandex’s appeal and will not delist the company’s Class-A shares.” The stock exchange stated that the company will continue to see its shares listed on the exchange, however the trading halt which was enacted on February 28th, 2022, will continue to be effective until there is a finalization of the company’s restructuring and divestment of its Russian business.

Yandex said, “[Nasdaq’s decision is] subject to certain conditions related to the timing and implementation of Yandex’s proposed corporate restructuring, including the divestment of ownership and control of a number of our core businesses, including all Russia-based businesses, by the end of 2023.”

Registered in the Netherlands, the Russian firm will retain a number of its international startups following a restructuring and divestments.

Shortly after Russian began its military actions in Ukraine last year, the Nasdaq halted the trading of Yandex shares, as well as the shares of a number of other Russian companies which were listed on the exchange. In March of 2023, the exchange notified the companies that they were going to be delisted unless they applied to a Listing Qualifications Hearings Panel.

Four Russian tech companies which dominate the sector within the nation, Yandex, Russian e-commerce firm Ozon, online recruitment platform HeadHunter and payment service provider Qiwi, have thus far appealed against the delisting. Ozon said on Wednesday that its appeal was denied, but that it intended to appeal the decision

Following Nasdaq’s decision, the Moscow-listed shares of the company surged 2.5% in early morning trading.