Ozon Holdings has indicated that the delisting of its shares from Nasdaq does not impact its core business operations.
Ozon Holdings Plc (NASDAQ: OZON), a leading Russian e-commerce platform, is the latest culprit of the global geopolitical crisis, particularly due to the Ukraine invasion. With the latest Russian act of aggression in the battle of Bakhmut, Ukraine’s western allies are tightening their sanction on Kremlin oligarchs. Notably, Ozon Holdings, which was suspended for trading from the Nasdaq exchange on February 28, 2022, announced that it received a delisting notice from the exchange.
Ozon Holdings Remains Optimistic despite Shares Delisting
According to an official announcement by Ozon, the Nasdaq Stock Market LLC gave the notice to delist the company’s American Depositary Shares, each representing one ordinary share of Ozon Holdings, on March 15, 2023. However, Ozon Holdings have indicated that it was not fairly treated as it has fully complied with all applicable reporting obligations and qualitative and quantitative listing criteria of the Nasdaq exchange.
The company has, however, indicated that the delisting of its shares on the Nasdaq does not affect its core business operations.
“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 US or EU authorities,” the company noted.
The company has pledged its allegiance to investors and customers despite the Nasdaq delisting. Moreover, Ozon raised nearly $1 billion in an initial public offering (IPO) in late 2020 during Covid-19.
“Going forward, and in any scenario, we act in the interests of our investors,” Ozon said in a statement. “We have, of course, been looking at various listing options since February 2022, when trading on Nasdaq was suspended, and we definitely plan to maintain a listing on Moscow Exchange.”
Geopolitical Tension Lags Global Economy
Following the Russian invasion of Ukraine’s territory, global military superpowers have been divisive. Already, several companies are set to be delisted from the Nasdaq exchange due to geopolitical differences. Notably, Internet giant Yandex, recruiter Headhunter and payment service provider Qiwi have all been notified of their anticipated delisting from Nasdaq.
On the other hand, Russian President Vladimir Putin opted to cut off Europe from its gas and oil supply. As a result, European companies that relied on the gas supply from Russia were left dry. Additionally, businesses that operated the gas industry between the Kremlin and Europe have been flushed down the toilet. Notably, European Commission President Ursula von der Leyen estimated Russia cut 80 percent of gas supplies to the EU in the eight months after the conflict began in Ukraine.
“Of course, the loss of the European market is a very serious test for Russia in the gas aspect,” Yury Shafranik, Russian fuel and energy minister from 1993 to 1996.
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