Ozon, the leading e-commerce firm in Russia, announced the delisting of its American Depositary Shares (ADS) from Nasdaq today. This decision marks the end of a three-year relationship with the U.S exchange, which began with a $1 billion Initial Public Offering (IPO) in late 2020.
The company's securities trading was suspended on Nasdaq due to Russia's invasion of Ukraine in February 2022. This event disrupted a mini-IPO boom among Russian firms that Ozon had sparked with its successful IPO.
Today, Ozon communicated that its reporting responsibilities under the U.S. Exchange Act have been halted. The company expects to terminate and deregister with the U.S Securities and Exchange Commission by February 7, 2024. This strategic move is aimed at reducing reporting costs and simplifying processes after the ADS delisting.
In a contrasting move to the Nasdaq delisting, Ozon's ADSs started trading on Kazakhstan's Astana International Exchange (AIX) in late July. This decision was made to enhance liquidity for international investors.
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