Russian e-commerce company Ozon notifies Nasdaq of intention to delist

MOSCOW (Reuters) – Russian e-commerce company Ozon said on Friday it had notified Nasdaq of its intention to delist its American depositary shares (ADS), ending a nearly three-year relationship with the U.S. stock exchange.

Ozon, one of Russia’s largest e-commerce companies, raised nearly $1 billion in an initial public offering (IPO) in late 2020, kicking off a mini-IPO boom for Russian companies.

However, trading in Ozon securities on the Nasdaq was suspended shortly after Russia sent troops to Ukraine in February 2022, as were listings of Russian companies on the London Stock Exchange. Ozon has twice unsuccessfully appealed the delisting

“We have independently decided to delist our securities from the stock exchange as we have exhausted all available avenues to appeal the delisting decision,” Ozon said in a statement.

“We have no reason to believe that trading in Ozon ADSs on Nasdaq will resume. This step is intended to reduce the costs associated with filing reports in compliance with U.S. Securities and Exchange Commission standards.”

Ozon said it plans to file for voluntary withdrawal by October 30 and that the withdrawal will have no impact on its operations.

In late July, Ozon ADS shares began trading on Kazakhstan’s Astana International Exchange (AIX), which the company said could increase liquidity, especially for international investors looking to trade its securities.

(Reporting: Olga Popova; Text: Alexander Marrow; Editing: Kevin Liffey)