[PRESS RELEASE] – SEATTLE, Jan. 17, 2025 – Leafly Holdings Inc., a number one on-line hashish discovery market and useful resource for hashish shoppers, introduced that it won realize that the Nasdaq Hearings Panel has decided to delist the corporate’s commonplace inventory from The Nasdaq Inventory Marketplace LLC because of the corporate’s failure to conform to the minimal $500,000 in internet source of revenue from proceeding operations in probably the most not too long ago finished fiscal 12 months, or two of the closing 3 fiscal years for endured checklist defined in List Rule 5550(b) or any of Nasdaq’s choice endured checklist necessities below Nasdaq List Rule 5550 for corporations traded at the Nasdaq Capital Marketplace and meet the desired milestones defined within the panel decision.
Buying and selling within the corporate’s commonplace inventory and warrants can be suspended on Nasdaq efficient with the hole of buying and selling on Jan. 17, 2025. In consequence, the corporate expects its commonplace inventory and warrants to start out buying and selling at the OTC Crimson Open Marketplace below the symbols “LFLY” and “LFLYW,” respectively, on that date. The transition of the corporate’s securities to the OTC Crimson Open Marketplace is not going to impact the corporate’s industry or operations. There will also be no assurance {that a} dealer will proceed to make a marketplace within the corporate’s securities or that buying and selling of the securities will proceed on an over the counter marketplace or in other places.
Convertible Debt Extension
The corporate additionally introduced it has reached an settlement with the holders of its 8% convertible senior notes due 2025 (the “notes”) to lengthen the adulthood date of the notes from Jan. 31, 2025, to July 1, 2025. As a part of the modification, the corporate has agreed to pay down 12.5% of the exceptional most important quantity of the notes and pay collected passion at the notes thru the sort of fee date. The corporate expects to make the prepayment and passion fee on Jan. 21, 2025.
The modification to the notes, amongst different adjustments, provides positive monetary covenants for the good thing about the holders. As well as, the corporate has agreed to grant a primary precedence safety passion in considerably all of its belongings to safe the notes. The opposite phrases of the notes, together with the conversion options and rate of interest, stay the similar.
