NICOSIA, Cyprus–(BUSINESS WIRE)–Ozon Holdings PLC (NASDAQ and MOEX: “OZON”, hereafter referred to as “we”, “us”, “our”, “Ozon” or the “Company”), an operator of the leading Russian e-commerce platform, announces that on March 15, 2023, it received a notice (the “Notice”) from The Nasdaq Stock Market LLC (the “Exchange”) that the Listing Qualifications Staff has determined to delist the Company’s American Depositary Shares, each representing one ordinary share of the Company (“ADSs”), from the Exchange.
We believe that we have been and remain in full compliance with all applicable reporting obligations and qualitative and quantitative listing criteria of the Exchange and met all additional requests for disclosure by the Exchange since the suspension of trading on February 28, 2022.
According to the Notice, the Staff Delisting Determination has been issued in reliance on Nasdaq’s discretionary authority under Rule 5100 in light of the geopolitical circumstances affecting Russia and their potential impact on the Company.
Under the Exchange’s rules, the Company may appeal the Exchange’s determination to a Hearings Panel, pursuant to the procedures set forth in the Exchange’s Listing Rule 5800 Series, by requesting a hearing within seven calendar days of the date of the Notice. The Company is considering an appeal, which stays the delisting action pending the issuance of a written decision of the Hearings Panel. Under the Exchange’s rules, the hearing is required, to the extent practicable, to be held within 45 days of the request for a hearing.
As previously disclosed in the Company’s press release dated March 4, 2022, trading of Ozon’s ADSs on the Exchange was suspended by the Exchange on February 28, 2022, and remains suspended. The trading suspension is not affected by the receipt of the Notice or the appeal to the Hearing Panel.
The notice of delisting does not impact our business operations. We continue to actively grow and develop our core and adjacent verticals as well as new products, and to serve our sellers, buyers and various partners on our platform. We also note that Ozon is not subject to any sanctions imposed by U.S. or EU authorities.