Russian e-commerce firm Ozon said on Thursday its American depositary shares (ADS) had been delisted from Nasdaq, bringing its near-three year association with the U.S. exchange to a close.
Ozon, one of Russia's top e-commerce companies, raised nearly $1 billion in an initial public offering (IPO) in late 2020, a debut that sparked a mini-IPO boom for Russian firms.
But trading in Ozon's securities on Nasdaq was suspended soon after Russia invaded Ukraine in February 2022, as were listings of Russian companies on the London Stock Exchange.
Ozon said its reporting obligations under the U.S. Exchange Act were suspended as of Nov. 9 and that it expected their termination and deregistration with the U.S. Securities and Exchange Commission to become effective on Feb. 7, 2024.
"The company’s decision to proceed with the deregistration is aimed at reducing the complexity and costs of reporting following the delisting of the ADSs from Nasdaq," Ozon said in a statement.
In late July, Ozon's ADSs began trading on Kazakhstan's Astana International Exchange (AIX), a move that it said could increase liquidity, especially for international investors wanting to trade its securities.
(Reporting by Alexander Marrow, Editing by Mark Potter)