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Seattle-based company Leafly will be delisted from the Nasdaq after failing to meet minimum requirements for net income.
Trading will be suspended on Nasdaq effective Jan. 17, and the company expects its common stock and warrants to begin trading on the OTC Pink Open Market on that date, according to a press release.
Leafly went public in 2022 through a SPAC merger deal. It has struggled in recent years in part due to decelerating digital ad spend and slowing sales across the marijuana industry.
The company, which offers cannabis information and helps retailers facilitate orders, reported a 20% decrease in revenue for the third quarter last year, to $8.3 million, with a net loss of $1.1 million. Its current market capitalization is around $2.3 million.
