Waldencast plc announced its intention to voluntarily delist Class A Ordinary Shares and Warrants from Nasdaq and deregister securities under the Exchange Act. The company plans to file Form 25 on or about September 24, 2026, with last trading day expected October 2, 2026, and Form 15 filed around October 5, 2026. Deregistration becomes effective 90 days after the Form 25 filing. The Board cites disproportionate compliance costs relative to company size following the divestiture of Obagi Medical, limited trading volume, and a desire to redirect management focus toward building the Milk Makeup brand. Waldencast expects substantial cost savings from eliminating central headquarters expenses of $18.5 million incurred in the year ended December 31, 2025. Shareholders will be asked to approve renaming the company Milk Makeup plc at an Extraordinary General Meeting. Post-delisting, shares may trade over-the-counter under ticker MLKM. Waldencast operates in the clean prestige beauty industry as the parent company of the Milk Makeup brand.

Waldencast plc announced two significant developments. On June 11, 2026, subsidiaries Milk Makeup LLC and Obagi Cosmeceuticals LLC entered into a Second Amendment to their Credit Agreement, which postpones the requirement to issue warrants for Term Tranche B Loans from July 1, 2026, to November 17, 2026. Additionally, on June 15, 2026, the company announced that Obagi Medical received FDA approval for Obagi® saypha® ChIQ™ Injectable Hyaluronic Acid Gel. Waldencast plc is a beauty and skincare company that operates through various brands including Obagi Medical and Milk Makeup.