Waldencast to Delist from Nasdaq, Rebrand as Milk Makeup — Waldencast plc

Event summary

Waldencast plc plans to delist from Nasdaq and deregister its securities under the Exchange Act, with the last trading day expected on October 2, 2026.
The company aims to rename itself Milk Makeup plc, aligning with its sole remaining brand after the sale of Obagi Medical.
Waldencast expects to save $18.5 million annually in central headquarters costs following the delisting.
The company will seek OTC trading under the ticker “MLKM” post-delisting, though liquidity is not guaranteed.
An Extraordinary General Meeting will be convened to seek shareholder approval for the name change.

The big picture

Waldencast’s decision to delist from Nasdaq reflects a broader trend among smaller-cap companies seeking to reduce regulatory and operational burdens. The move follows the sale of Obagi Medical, leaving Waldencast as a single-brand company focused on Milk Makeup. The shift to OTC trading and potential cost savings highlight the strategic pivot toward operational efficiency, though it may come at the expense of liquidity and public visibility.

What we're watching

Cost Savings: Whether Waldencast realizes the expected $18.5 million in annual cost savings post-delisting.
Liquidity Impact: How the shift to OTC trading under ticker “MLKM” affects shareholder liquidity and valuation.
Rebranding Execution: The pace at which Waldencast completes the rebranding to Milk Makeup plc and aligns its corporate identity with the sole operating brand.