NEW YORK - Waldencast plc (NASDAQ: WALD), a global beauty and wellness company, announced today that it has been granted continued listing on The Nasdaq Stock Market LLC, contingent on the company filing its delayed interim financial statements by April 1, 2024. The decision, made by a Nasdaq Hearings Panel on February 22, 2024, also requires Waldencast to maintain compliance with all other Nasdaq listing criteria.
The company is actively working to meet the conditions set by the Panel's decision and aims to file the necessary financial statements for the period ending June 30, 2023, within the specified timeframe. This development follows Waldencast's strategic moves to create a leading platform in the beauty and wellness sector by acquiring and scaling purpose-driven brands such as Obagi Skincare and Milk Makeup.
Obagi Skincare is known for its advanced skin care products targeting hyperpigmentation and signs of aging, while Milk Makeup has gained popularity for its vegan, cruelty-free makeup offerings. Both brands are part of Waldencast's ambition to build a portfolio of high-growth, conscious brands with a strong market presence and operational efficiency.
The information for this article is based on a press release statement from Waldencast.
InvestingPro Insights
Amidst strategic efforts to enhance its portfolio, Waldencast plc (NASDAQ: WALD) faces significant market challenges. According to InvestingPro data, the company's market capitalization has adjusted to 812.31M USD, reflecting the market's response to recent developments. The stock's performance has been notably turbulent, with a one-week price total return of -11.45% and a one-month price total return of -13.3%, underscoring the volatility that Waldencast's shares are currently experiencing.
An InvestingPro Tip highlights the company's weak gross profit margins, which could be a concern for investors looking for sustainable profitability. Additionally, the stock's valuation implies a poor free cash flow yield, which may affect its attractiveness to value-oriented investors. Despite these challenges, analysts have set a fair value target for the stock at 12 USD, suggesting potential upside from the previous close price of 6.83 USD.
For investors seeking a deeper analysis, there are additional InvestingPro Tips available that provide further insights into Waldencast's financial health and market performance. These tips can be accessed by visiting https://www.investing.com/pro/WALD. Moreover, to enhance your investment research, consider using the coupon code PRONEWS24 to receive an additional 10% off a yearly or biyearly Pro and Pro+ subscription on InvestingPro, where a total of 6 InvestingPro Tips related to Waldencast are listed.
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