VEON expects to list Kyivstar on NASDAQ soon after Cohen Circle shareholders' meeting on Aug 12

Cohen Circle, a specialize purpose acquisition company (SPAC) for an indirect listing on the NASDAQ US stock exchange of the largest Ukrainian telecommunications operator Kyivstar, will hold an extraordinary general meeting of shareholders on August 12, 2025 to obtain the necessary approvals for the transaction.

"Subject to receipt of Cohen Circle shareholder approval, VEON expects to close the transaction shortly," VEON, the parent company of Kyivstar, said in a quarterly report on Thursday.

It is noted that if the transaction is completed, Kyivstar will become the first purely Ukrainian company to be publicly listed on a US stock exchange.

According to the report, the proposed listing of Kyivstar and the sale of VEON's business in Kyrgyzstan are expected to result in non-cash charges of between $150 million and $200 million, which are likely to be recognized in the third quarter of 2025, indicating the likelihood of a listing in this period.

In addition, VEON clarified that at the time of Kyivstar's listing, Ukrainian Tower Company LLC will not be consolidated in its financial statements, unlike in the reporting second quarter of this year.

As previously reported, VEON announced in January 2025 that it had signed a protocol of intent to place a portion of Kyivstar's shares on the NASDAQ stock exchange. In mid-March, a business combination agreement (BCA) was signed with NASDAQ-listed specialize purpose acquisition company Cohen Circle for the indirect listing of Kyivstar on the exchange.

The parent company of Kyivstar will be Kyivstar Group Ltd., which will be listed on NASDAQ under the ticker symbol KYIV instead of the current Cohen Circle ticker symbol (CIRR). VEON will own at least 80% of the issued and outstanding capital of Kyivstar Group. At the time of closing, Kyivstar was valued at $2.21 billion.