20 Oct 2023 13:10

Ozon to voluntarily delist from Nasdaq

MOSCOW. Oct 20 (Interfax) - Ozon has notified Nasdaq of its intention to voluntarily delist its American Depositary Shares (ADS) from the exchange, the Russian marketplace reported on Friday.

"The Company has no grounds to believe that the trading of the ADSs on Nasdaq will be reinstated," Ozon said, adding that the delisting will enable it to reduce costs associated with reporting to U.S. standards.

In August, the Nasdaq Review Council upheld the decision to delist Ozon's ADS. The decision is subject to review by Nasdaq's board, after which a final date for the delisting will be determined.

Ozon said it plans to file a Form 25 relating to the delisting with the Securities and Exchange Commission "on or about October 30, 2023, with the delisting of the ADSs taking effect no earlier than ten days thereafter."

After the delisting becomes effective, the company intends to file a Form 15F with the SEC to terminate the registration of its ordinary shares and ADSs and its reporting obligations. Thereafter, all the company's reporting obligations under the Exchange Act will be suspended. The deregistration and termination of its reporting obligations under the Exchange Act should become effective within ninety days after filing of the Form 15F, Ozon said.

Trading of Ozon's ADS on Nasdaq was halted on February 28, 2022 and on March 15, 2023 the exchange notified the company of its intention to delist the ADS.

After the delisting from Nasdaq, Ozon's ADS will continue to be listed on the Moscow Exchange and the Astana International Exchange. Furthermore, the company filed a prospectus for its ADS with Russia's Central Bank in September to secure a primary listing on the Moscow Exchange. The registration process is expected to be completed in the fourth quarter of 2023.