The Russian e-commerce company Ozon announced on Tuesday that it had lost the final phase of its appeal against the exclusion of its American Depositary Shares (ADS) from Nasdaq, putting an end to the faint hopes that its stocks could remain listed on the American stock exchange.

Ozon, one of the key players in e-commerce in Russia, had raised nearly $1 billion in its Initial Public Offering (IPO) at the end of 2020, a debut that had triggered a small IPO boom for Russian companies.

Trading of Ozon’s stocks on Nasdaq was suspended shortly after Russia sent troops into Ukraine in February 2022, along with the listings of Russian companies on the London Stock Exchange.

Ozon informed that it was notified on August 18th of the failure of its latest efforts to avoid exclusion, but noted that Nasdaq’s board of directors could propose a review of the decision in an upcoming meeting.

“Our ADS will not be excluded from Nasdaq until all procedures and review and appeal terms stipulated by Nasdaq’s listing rules have been exhausted,” Ozon stated in a declaration.

By the end of July, Ozon’s ADS had started trading on the Astana International Exchange (AIX) in Kazakhstan, a move that, according to the company, could enhance liquidity, particularly to allow international investors to trade their shares.

The shares of the Russian recruitment company Headhunter had already been excluded from Nasdaq, but the payment provider Qiwi and the technology giant Yandex were offered a chance of survival on Nasdaq, provided they fully divest themselves of their Russian assets.