Russian Company OZON Lodges Appeal With NASDAQ Over Compulsory Delisting

MOSCOW (UrduPoint News / Sputnik - 22nd March, 2023) Russian e-commerce company OZON announced on Wednesday that it had lodged an appeal with NASDAQ over its decision to compulsorily remove the firm's shares from the exchange's listings.

"On March 21, Ozon filed an appeal against Nasdaq's decision on the compulsory delisting of the Company's American depositary shares (ADSs)," the statement read.

OZON has requested a hearing in front of a special commission, in accordance with the exchange's rules, the statement said, adding that the hearing must take place within 45 days from the date the company makes the request.

Without a written decision by the commission, the company's shares cannot be compulsorily removed from the listings, the statement added.

"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's press service said.

On March 15, OZON received a notification from NASDAQ saying that the company's American depositary shares would be removed from the exchange's listings. Apart from OZON, similar notifications were given to other companies operating in Russia such as HeadHunter, Qiwi and Yandex. NASDAQ is a US financial services corporation owing three stock exchanges.