Leafly Holdings Inc (NASDAQ:LFLY) shares are trading lower by 49% to 73 cents Thursday afternoon after the company announced it received a Nasdaq delisting notice and will transition to the over-the-counter market.
What Else: The delisting stems from the company’s failure to meet minimum financial requirements, including $500,000 in net income from continuing operations, as outlined in Nasdaq Listing Rule 5550(b). Trading of Leafly's stock and warrants will be suspended starting January 17.
The securities are expected to trade on the OTC Pink Open Market under the symbols “LFLY” and “LFLYW” on the same day.
While this shift won’t impact the company's operations, Leafly cautions that continued market trading of its securities is not guaranteed on over-the-counter markets or elsewhere.
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According to data from Benzinga Pro, LFLY has a 52-week high of $4.92 and a 52-week low of $0.70.
