WHITE PLAINS, N.Y. - Waldencast plc (NASDAQ: WALD), a global beauty and wellness company, announced Monday it has regained compliance with Nasdaq's filing requirements. The Nasdaq Hearings Panel issued a formal notice to Waldencast on March 21, 2024, following the company's submission of financial results for the period ending June 30, 2023, to the U.S. Securities and Exchange Commission.
The compliance reinstatement comes with a Mandatory Panel Monitor for one year from the compliance determination date. During this period, if Waldencast fails to meet the filing requirements, it will not be able to present a compliance plan but may face a delisting determination and the opportunity for a hearing before the Panel.
Waldencast, which operates the Obagi Skincare and Milk Makeup brands, expressed pride in achieving this milestone and anticipates providing additional updates on its fiscal year 2023 performance upon the upcoming publication of its 2023 20-F.
The company's statement included forward-looking remarks under the safe harbor provisions, outlining expectations for the timing of its 2023 20-F filing and underlying assumptions. However, the company also acknowledged potential risks that could affect future performance and compliance, including the possibility of delisting from Nasdaq if it fails to maintain compliance during the monitoring period.
Waldencast's business model focuses on developing and scaling high-growth, purpose-driven brands while maintaining their distinct identities. The company aims to leverage its multi-brand platform for operational efficiency and responsiveness to market trends.
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