After nearly three years of trading on the Nasdaq, Russian e-commerce company Ozon announced on Friday that it had notified the exchange of its decision to delist its American depositary shares (ADSs).
In 2020, one of Russia’s most successful online retailers, Ozon, went public and raised about $1 billion, setting off a mini-IPO boom for Russian enterprises.
However, the Nasdaq halted trading in Ozon’s securities, and Russian firms were delisted from the LSE after Russia sent soldiers to Ukraine in February 2022. Ozon had appealed the delisting twice without success.
“We have decided to independently delist our securities from the exchange as we have exhausted all available opportunities for appealing the delisting decision,” Ozon stated in a press release.
We see no grounds for optimism regarding the potential resumption of trading in Ozon’s ADSs on the Nasdaq. The goal is to reduce the money spent on submitting reports to the SEC in the United States.
Ozon stated that it intended to delist by October 30 and would not impact business activities.
With the hope of attracting more buyers and sellers, Ozon’s ADSs began trading on Kazakhstan’s Astana International Exchange (AIX) at the end of July.