Developer Nexters is set to resume trading on the Nasdaq stock exchange after trading was halted early last year.
The formerly Russian-based developer made major efforts during 2022 to divest from its operations there and relocate to other countries, such as Cyprus which has been a popular refuge for developers moving away from the country. Nexters was removed from trading in early 2022 in the midst of a wave of sanctions placed on many Russian companies. Now, while many Russian companies such as search giant Yandex remain banned and others are set to be delisted permanently, Nexters are set to make their return.
CEO and co-founder of Nexters, Andrey Fadeev said “Since Nexters’ inception in 2010, we have shared a vision to be a global company with employees, partners and players across the world. Our listing on Nasdaq in 2021 was an important milestone and a foundation to our long term strategy. For the last year, we have worked hard to obtain permission for our shares and warrants to trade again on Nasdaq. We are thrilled to announce that GDEV is back. We also would like to thank all our stakeholders for their support and patience during the difficult time of the trading halt.”
Brain drain
Although perhaps not as significant as the flight of academics and tech professionals leaving Russia, the divestment of Nexters, one of Russia’s most successful mobile companies, is a prime example of an unprecedented drain of talented and internationally connected companies leaving the country. As emphasised in Fadeev’s statement, many companies either relocated away from Russia or were purchased from Russian owners.
Divesting from Russia has seemingly paid off for Nexters as they saw excellent growth even without being present on the Nasdaq after initial losses in 2022. Now with their return to the Nasdaq success seems assured for 2023. In many ways their divestment reflects similar moves, from other companies. Azure Games explained the massive effort they undertook to relocate from Russia due to the conflict in Ukraine, a story now echoed by many young and talented individuals now departing the country for better opportunities abroad.