Waldencast, the parent company of beauty brands Milk Makeup and Obagi, is at risk of being delisted from the Nasdaq stock exchange due to noncompliance with reporting regulations.
The company received a written notice from Nasdaq warning of its potential removal for failing to file timely reports with the Securities and Exchange Commission (SEC).
In response, Waldencast has requested a meeting with Nasdaq’s Hearings Panel to discuss the matter and has expressed its intention to diligently work on completing and filing its annual report for the year ended December 2022.
“There can be no assurance, however, that the company’s requests for a further stay of any suspension action by Nasdaq and the continued listing of its securities will be granted by the panel,” Waldencast said in a statement.
Waldencast became a publicly traded company in July 2022 following its merger with Obagi Global Holdings and Milk Makeup. At the time, the company’s CEO, Tim Coolican, CEO of Milk Makeup expressed optimism about the move, stating, “We found in Waldencast like-minded partners who share our values and commitment to building a global beauty movement rooted in community, self-expression, inclusion, and social purpose.”
The potential delisting raises concerns about the company’s financial health and governance practices.
The company received a written notice from Nasdaq warning of its potential removal for failing to file timely reports with the Securities and Exchange Commission (SEC).
In response, Waldencast has requested a meeting with Nasdaq’s Hearings Panel to discuss the matter and has expressed its intention to diligently work on completing and filing its annual report for the year ended December 2022.
“There can be no assurance, however, that the company’s requests for a further stay of any suspension action by Nasdaq and the continued listing of its securities will be granted by the panel,” Waldencast said in a statement.
Waldencast became a publicly traded company in July 2022 following its merger with Obagi Global Holdings and Milk Makeup. At the time, the company’s CEO, Tim Coolican, CEO of Milk Makeup expressed optimism about the move, stating, “We found in Waldencast like-minded partners who share our values and commitment to building a global beauty movement rooted in community, self-expression, inclusion, and social purpose.”
The potential delisting raises concerns about the company’s financial health and governance practices.
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