Russian e-commerce company, Ozon, has announced its decision to voluntarily delist from the Nasdaq stock exchange in the United States. The company made the announcement on its Telegram channel, stating that it has already informed Nasdaq of its intention to remove its American Depositary Shares (ADS) from the exchange. According to Ozon, there are no grounds to believe that trading in securities will be restored, so they have decided to leave the exchange voluntarily, thus reducing the costs associated with reporting to the US Securities and Exchange Commission (SEC).
Trading of Ozon shares on the Nasdaq was halted on February 28, 2022, and in March, the exchange notified the company of its intention to forcibly delist it. Despite appealing the delisting on two occasions, Ozon’s efforts were unsuccessful. As a result, the company now plans to file its own delisting request with the SEC by the end of the month. The delisting is expected to take effect no earlier than ten days after the request is filed. Additionally, Ozon intends to file a Form 15F with the SEC to terminate the registration of its ordinary shares and ADS, along with its reporting obligations. The entire process is estimated to be finalized within three months.
While delisting from Nasdaq, Ozon aims to continue listing its shares on the Moscow Stock Exchange (MOEX) and the Astana International Exchange (AIX) in Kazakhstan. On the MOEX, Ozon’s shares are traded in rubles. Furthermore, the company plans to secure a primary listing on the MOEX by the fourth quarter of 2023.
Following the delisting announcement, Ozon’s stock experienced a 1.5% drop on the Moscow Exchange. Ozon, which is Russia’s oldest online marketplace, holds the position of the country’s second-largest online retailer by turnover, as reported by the Data Insight research agency. As of October 16, Ozon’s market capitalization stood at $2.42 billion.
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In conclusion, Ozon’s voluntary delisting from the Nasdaq stock exchange reflects the company’s decision to reduce costs and stop trading in securities in the US. While the delisting announcement led to a decline in the company’s stock value on the Moscow Exchange, Ozon remains committed to listing its shares on domestic and international exchanges as it continues its operations in the e-commerce sector.