Moscow/London — Russian e-commerce firm Ozon said on Tuesday it has lost the latest appeal against the delisting of its American depositary shares (ADSs) from Nasdaq, dampening faint hopes that its securities could remain listed on the US exchange.
Ozon, one of Russia’s top e-commerce companies, raised nearly $1bn in an initial public offering (IPO) in late 2020, a debut that sparked a mini-IPO boom for Russian firms.
Trading in Ozon’s securities on Nasdaq was suspended soon after Russia dispatched troops to Ukraine in February 2022, as were Russian company listings on the London Stock Exchange.
Ozon said it was notified on August 18 that its latest efforts to avoid the delisting failed, but said the Nasdaq board of directors could propose to review the decision at an upcoming meeting.
“Our ADSs will not be delisted from Nasdaq until all available review and appeal procedures and periods available under the Nasdaq listing rules have expired,” Ozon said.
In late July, Ozon’s ADSs began trading on Kazakhstan’s Astana International Exchange, a move that it said could increase liquidity, especially for international investors to trade its securities.
Russian recruiter Headhunter’s securities have already been delisted from Nasdaq, but payments provider Qiwi and tech giant Yandex were thrown a lifeline to remain on Nasdaq, provided they divest of their Russian assets.
Reuters
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