Nasdaq rejects Ozon appeal against delisting decision

MOSCOW. June 8 (Interfax) - A Nasdaq commission has rejected Ozon's appeal against the forced delisting of its American Depositary Shares (ADS) from the U.S. exchange, the Russian online marketplace reported.

Ozon has the right to appeal the decision a second time. The hearing was held on April 27 and the company received the commission's ruling on June 6.

In the next two weeks Ozon will appeal to the next appellate body, the Nasdaq Listing and Hearing Review Council, to have the decision reconsidered, the company said.

The company's ADS will not be removed from the exchange until a decision is made on the second appeal. However, trading of the ADS on Nasdaq was suspended on February 28, 2022.

Ozon filed the first appeal against the delisting decision on March 21 and it was reported that the delisting process would have to be suspended until a ruling was made. Ozon said in March that it would file a second appeal if the first was rejected, as exchange rules allow it to do so.

The company recalled that these developments would not affect its listing on the Moscow Exchange or its financial and operating results.

Nasdaq announced on March 15 that it would delist the shares of a number of companies with primary business operations in Russia as of March 24. In addition to Ozon, notifications were received by Headhunter , Qiwi and Yandex . In addition, the New York Stock Exchange announced the start of the delisting process for the ADR of Cian Plc , the parent company of Russian online real estate classifieds platform Cian.