Waldencast plc said it intends to voluntarily delist its Class A Ordinary Shares from Nasdaq and deregister its securities under the Exchange Act, sending shares down 15.3% in premarket trading Monday. The company expects to file Form 25 with the SEC on or about September 24, 2026, with delisting effective around October 4 and the final Nasdaq trading day around October 2. After completing the sale of Obagi Medical, Waldencast became a single-brand company. Its board will recommend renaming the company Milk Makeup plc at an upcoming Extraordinary General Meeting and intends to seek over-the-counter quotation under the ticker MLKM if shareholders approve. The board cited the costs of Nasdaq listing and U.S. public reporting, limited trading volume and public float, and a capital structure that no longer requires U.S. public equity markets after full debt repayment funded by proceeds from the Obagi Japan trademark sale and Obagi Medical divestiture. Waldencast incurred $18.5 million in central headquarters costs in 2025 and expects a substantial portion to be eliminated after delisting and deregistration. Filing Form 15 on or about October 5, 2026, would immediately suspend the company’s obligation to file periodic SEC reports.