Russia's Ozon appeals Nasdaq delisting plan

Ozon Holdings

22/03/2023 10:00

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      This content was produced in Russia where the law
restricts
coverage of Russian military operations in Ukraine
    

  
       MOSCOW, March 22 (Reuters) - Russian e-commerce firm
Ozon  OZON.O  said on Wednesday it was appealing the Nasdaq
stock exchange's plan to delist its securities and wanted to
stand up for the rights of its investors. 
    Nasdaq suspended trading in the securities of a number of
companies operating in Russia on Feb. 28, 2022, days after
Moscow sent tens of thousands of troops to Ukraine. Last week,
the exchange notified a handful of Russian companies of
delisting plans.
    "On March 21, Ozon filed an appeal against Nasdaq's decision
on the compulsory delisting of the company's American depositary
shares (ADSs)," Ozon said in a statement. 
    "If the appeal is rejected, the company plans to file it
again, as permitted by the exchange’s rules."
    Ozon said company officials stated that it was extremely
important for investor interests to be protected. 
    "No matter how this plays out, the delisting decision has no
impact whatsoever on the company's operations and does not
affect its financial stability," Ozon said.    
    Ozon raised nearly $1 billion in an initial public offering
(IPO) in late 2020, a debut that sparked a mini-IPO boom for
Russian firms. It has said it intends to remain a public
company. 

 (Reporting by Alexander Marrow and Olga Popova
Editing by Gareth Jones)
 ((alexander.marrow@thomsonreuters.com;))