Russia’s Ozon appeals Nasdaq delisting plan

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.