Traders should expect significant liquidity reduction and potential price dislocation as the stock moves to OTC markets. Monitor for any further allocation of Obagi Medical proceeds and the upcoming trading update for H1 2026. The delisting is a strong negative signal for minority shareholders, as the company prioritizes cost savings over public market access.
Price Chart
Executive Summary
Waldencast voluntarily delists from Nasdaq and deregisters its Class A ordinary shares and warrants, citing disproportionate costs and limited liquidity benefits after the Obagi Medical divestiture. The company plans to rename itself Milk Makeup plc and seek OTC quotation under ticker MLKM. Delisting is expected effective October 4, 2026, with last Nasdaq trading on October 2, 2026.
Key Facts
- Voluntary delisting from Nasdaq and deregistration under Section 12(b) of the Exchange Act.
- Form 25 to be filed on or about September 24, 2026; delisting effective on or about October 4, 2026.
- Last trading day on Nasdaq expected to be October 2, 2026.
- Company incurred $18.5 million in central headquarters costs in FY2025; expects substantial cost savings post-delisting.
- Board recommends renaming to Milk Makeup plc, subject to shareholder approval at an Extraordinary General Meeting.
- Intends to seek OTC quotation under ticker MLKM, but no guarantee of trading.
- Delisting follows the sale of Obagi Medical, leaving Waldencast as a single-brand company (Milk Makeup).
- Allocation of remaining Obagi Medical transaction proceeds remains under Board review.
Financial Impact
$18.5 million in central headquarters costs in FY2025 expected to be substantially eliminated; no specific cost savings figure provided.
Risk Factors
- No guarantee of OTC trading; shares may become highly illiquid.
- Deregistration eliminates SEC reporting obligations, reducing transparency.
- Shareholder approval for name change not required for delisting; minority holders have limited recourse.
- Potential for further value extraction if Obagi proceeds are not distributed.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3360911 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 15, 2026 11d ago | Press Release | $0.7500 | awaiting T+5 | — | — |
Oct 15, 2026 11d ago | 6-K | $0.7500 | awaiting T+5 | — | — |
Oct 15, 2026 11d ago | 15-12G | $0.7500 | awaiting T+5 | — | — |
Oct 14, 2026 12d ago | EFFECT | $0.8100 | awaiting T+5 | — | — |
Oct 14, 2026 12d ago | EFFECT | $0.8100 | awaiting T+5 | — | — |
Oct 14, 2026 12d ago | EFFECT | $0.8100 | awaiting T+5 | — | — |
Sep 28, 2026 28d ago | Press Release | $0.9277 $0.8794 | ▲ +5.21% | ▲ +7.15% | — |
Sep 24, 2026 4w ago | 6-K | $1.03 $0.8794 | ▲ +14.62% | ▲ +14.40% | — |
Sep 24, 2026 4w ago | Press Release | $1.03 $0.8794 | ▲ +14.62% | ▲ +14.40% | — |
Sep 14, 2026 6w ago | Press Release | $1.18 $1.10 | ▲ +6.78% | ▲ +6.89% | — |
US Market Status
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