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Leafly’s Nasdaq Delisting: What Happened to LFLY and LFLYW

Leafly’s Nasdaq delisting took effect in January 2025 after the company failed the continued-listing standards. Here’s what happened to its shares and warrants—and what the filings do not establish about its current status.
From TheFinanceBase Team3 min to read
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Leafly’s Nasdaq delisting is complete, not upcoming. Trading in its common stock and warrants on Nasdaq was suspended on January 17, 2025. Leafly said the securities would move to the OTC Pink Open Market under symbols LFLY and LFLYW, and its 2025 annual report later said trading there began. The records cited here do not establish Leafly’s trading venue, quotation status, or SEC reporting status as of October 8, 2026.

Why was Leafly delisted from Nasdaq?

Leafly Holdings’ 2025 annual report says Nasdaq notified the company on April 9, 2024 that it failed the continued-listing standards for the Nasdaq Capital Market. As reported by Leafly, the standards included meeting at least one of these tests:

  • At least $2.5 million in stockholders’ equity.
  • At least $35 million in market value of listed securities.
  • At least $500,000 in net income from continuing operations in the most recent fiscal year or in two of the last three fiscal years.

Leafly said it met none of those standards. It submitted a plan to regain compliance with the stockholders’ equity test on May 24, 2024. Nasdaq denied the plan and issued a delisting determination on October 4, 2024, according to Leafly’s annual report. Leafly requested a hearing, but the Nasdaq Hearings Panel notified the company on January 15, 2025 that it had decided to delist the common stock and warrants. The company’s January announcement cited failure to meet the net-income standard or another continued-listing requirement, along with the milestones in the Panel’s determination. Leafly’s January 2025 announcement and its 2025 annual report describe the process.

When did Nasdaq trading end, and where did the shares go?

Nasdaq trading in Leafly’s common stock and warrants was suspended effective January 17, 2025. Leafly said it expected the securities to trade on the OTC Pink Open Market as LFLY and LFLYW; its 2025 annual report says trading there began. Leafly filed Form 25 with the SEC on March 12, 2025 in connection with the delisting.

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Leafly described OTC Pink as a more limited market than Nasdaq and warned that the transition could bring lower liquidity, sporadic trading, and greater price volatility. Those are risks the issuer identified; they do not predict the price or whether a particular shareholder could sell at a desired time or price. Nasdaq is an exchange, while OTC Pink is an over-the-counter market. A move between them changes the trading venue and can affect how readily buyers and sellers meet, but the historical filing alone does not establish what any investor experienced in a specific transaction.

What historical prices did Leafly report?

In an April 2025 SEC filing, Leafly reported that its common stock traded between $0.17 and $0.80 from January 17 through April 10, 2025. The company also reported an approximately $0.23 30-day volume-weighted average price as of April 10, 2025. These are historical figures for that period, not current quotes or a forecast. Leafly’s April 2025 filing provides the figures.

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Did the delisting affect Leafly’s business?

In its January 16, 2025 announcement, Leafly said: “The transition of the Company’s securities to the OTC Pink Open Market will have no effect on the Company’s business or operations.” That is the company’s statement at the time, not an independent assessment of subsequent business developments. The delisting concerned the listing and trading of its securities; it should not be read by itself as proof that the company ceased operating.

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What should shareholders check now?

The cited filings document the 2025 delisting and initial OTC transition, but do not verify Leafly’s trading venue, quotation status, or SEC reporting status as of October 8, 2026. Anyone making a decision about LFLY or LFLYW should verify the latest issuer filings and current market information rather than treating the historical symbols or prices above as current. A past exchange listing or OTC trading report does not guarantee that a security is currently quoted, actively traded, or readily sellable.

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