Moscow Stock Exchange to start trading shares of sanctioned Russian cyber firm on December 17

MOSCOW, Dec. 16 (Reuters) – Shares of Russian cybersecurity firm Positive Technologies will begin trading on the Moscow Stock Exchange (MOEX.MM) on Dec. 17, the exchange said on Thursday.

The United States imposed sanctions on the company in April that bar it from working with U.S. financial institutions. The company told Reuters in May that it was still pursuing its initial public offering (IPO) plans. Read more

The Moscow Stock Exchange said 60 million shares of Positive Technologies will begin trading on December 17 with a face value of 0.5 ruble ($ 0.0068) each.

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The company will trade under the symbol POSI, he said.

The company planned to sell its shares to 40,000 to 50,000 people, said company founder and co-owner Yuri Maximov in mid-November.

“We enter the stock market in a specific way,” Maximov told Interfax at the time. He said the shares owned by more than 1,000 current and former employees would start selling at some point.

In April, the US Treasury blacklisted Positive Technologies and other IT companies for supporting Russian intelligence services, what the company called “baseless accusations.” Chief Operating Officer Maxim Pustovoy said the blacklist was based on “a misunderstanding and an error”.

($ 1 = 73.4060 rubles)

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Reporting by Maxim Rodionov and Alexander Marrow Editing by Mark Potter

Our Standards: Thomson Reuters Trust Principles.

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