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(Reuters) – Russian e-commerce company Ozon said on Thursday its U. S. depository shares (ADSs) had been delisted from the Nasdaq, ending its nearly three-year agreement with the U. S. stock exchange.
Ozon, one of Russia’s largest e-commerce companies, raised around $1 billion in an initial public offering (IPO) in late 2020, the first to spark a mini-IPO boom for Russian companies.
But Ozon’s stock trading on the Nasdaq was suspended shortly after Russia’s invasion of Ukraine in February 2022, as a board of Russian corporations on the London Stock Exchange.
Ozon said its reporting obligations under U. S. foreign exchange law are not in line with the U. S. government. U. S. securities and exchange rates were suspended as of Nov. 9 and expects their termination and deregistration with the U. S. Securities and Exchange Commission. The U. S. Securities and Exchange Commission is expected to go into effect on February 7, 2024.
“The company’s decision to proceed with delisting is aimed at the complexity and pricing of reporting following the delisting of ADSs from the Nasdaq,” Ozon said in a statement.
In late July, Ozon’s ADSs began trading on Kazakhstan’s Astana International Stock Exchange (AIX), a move it said could generate liquidity, especially for foreign investors who wish to trade its securities.
(Reporting via Alexander Marrow; editing by Mark Potter)