In a recent development, Russian e-commerce firm Ozon has announced its decision to voluntarily delist from the Nasdaq stock exchange. This decision, influenced by uncertainty in trading resumption and an aim to reduce compliance costs with the U.S. Securities and Exchange Commission (SEC) regulations, was made public via the company's Telegram channel today.
The strategic move comes after Nasdaq suspended trading of Ozon's shares on February 28, 2022, followed by a forced delisting notice in March. Despite two appeals, the company met with limited success, leading to their voluntary exit. By the end of this month, Ozon intends to submit a delisting request and a Form 15F to the SEC, thereby terminating its shares and American Depository Shares (ADS) registration on the exchange and eliminating reporting obligations. The entire process is anticipated to conclude within a three-month timeline.
In other news, North American gaming media leader Enthusiast Gaming is preparing for a voluntary delisting from Nasdaq. Despite receiving a 180-day extension to comply with the minimum bid price requirement, the company has decided to withdraw due to substantial annual costs exceeding $2 million. These costs, tied to maintaining a dual listing on the Nasdaq and TSX, are projected to rise due to intensifying compliance and regulatory pressures. The company does not view the associated insurance, listing, reporting, legal, and compliance costs as justified.
Enthusiast Gaming has also dismissed the option of a reverse split of shares as it is not seen as beneficial for shareholders. The delisting process is set to begin with a Form 25 filing with the SEC around October 30, 2023, resulting in delisting by November 9, 2023. Investors can continue accessing all company information on its website, SEDAR+, and EDGAR platforms. Enthusiast Gaming's shares will remain listed on the Toronto Stock Exchange, and its public filings will continue to be available on SEDAR+.
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