Leslie’s common stock is headed for suspension from Nasdaq next week—and, under the pool retailer’s proposed Chapter 11 restructuring plan, existing shareholders are slated to receive nothing when the company emerges from bankruptcy.

Nasdaq notified Leslie’s on September 25 that its common stock was subject to delisting after the shares had closed below the exchange’s $1 minimum bid requirement for 30 consecutive business days. Trading in LESL is scheduled to be suspended at the opening of business October 6 unless the company requests a hearing by October 2. Leslie’s has said it does not intend to appeal.

Importantly, Nasdaq’s delisting determination predates Leslie’s September 30 Chapter 11 filing. The determination was based on the company’s failure to meet Nasdaq’s minimum bid requirement and its ineligibility for another compliance period following a reverse stock split.

The more consequential issue for shareholders is the restructuring itself: Leslie’s plans to eliminate roughly $685 million of funded debt and shift ownership of the reorganized company to lenders and new-money investors, with all existing common equity set to be canceled for no consideration when the restructuring becomes effective.

What Happens to LESL Stock Now?

Delisting does not necessarily mean Leslie’s shares immediately stop trading altogether.

Leslie’s said it anticipates its common stock will begin trading on a market operated by OTC Markets Group after Nasdaq suspends trading. The company cautioned, however, that there is no guarantee an OTC market will develop or remain available, that broker-dealers will continue quoting the shares, or that sufficient trading volume will exist to create an efficient market.

That creates an important distinction for investors.

LESL could continue changing hands while the Chapter 11 case works its way through bankruptcy court, but those shares would still represent Leslie’s existing equity. They would not represent ownership in the reorganized company expected to emerge from Chapter 11 if the proposed plan is confirmed and becomes effective.

Leslie’s warned investors that trading during Chapter 11 is “highly speculative” and that the market price of its securities may bear little or no relationship to whatever recovery holders ultimately receive.

That warning is particularly significant here because the proposed restructuring provides no recovery for existing common shareholders.

Once Nasdaq suspends trading, it intends to file Form 25 with the Securities and Exchange Commission to formally remove Leslie’s common stock from the exchange.

Nasdaq Rule 5450(a)(1) requires listed companies to maintain a minimum bid price of $1 per share. Because Leslie’s completed a reverse stock split within the previous year, Rule 5810(c)(3)(A)(iv) makes the company ineligible for the normal compliance period that might otherwise provide additional time to regain compliance.

Who Owns Leslie’s After Bankruptcy?

Lenders holding approximately 81.1% of Leslie’s outstanding prepetition term-loan principal have already signed onto the restructuring support agreement.

Under the proposed restructuring, a $60 million equity financing will receive 55.8% of the reorganized company’s new common equity. Existing term lenders will receive another 10% on a pro rata basis. The remaining portion of the term-loan DIP financing, including certain premiums and accrued interest, is expected to convert into 30% of the new common equity. Those allocations remain subject to dilution under the company’s management incentive plan.

The result will be a Leslie’s with substantially less debt and an entirely different ownership structure.

The distinction between the company and its stock is important. Leslie’s expects its stores and operations to continue through Chapter 11, and the company intends to emerge from bankruptcy in early 2027. Existing LESL shares, however, do not carry over into that reorganized company under the proposed plan.

Could Leslie’s Ever Trade on Nasdaq Again?

Leaving Nasdaq does not necessarily mean Leslie’s can never return to a major exchange.

A reorganized Leslie’s could seek a future Nasdaq listing if it meets the exchange’s applicable requirements. Any future listing would involve the reorganized company and its new equity—not a revival of the LESL shares currently held by investors.

For now, those shares may have another life in the over-the-counter market after October 6. How long they trade and at what price remains a matter for the market.

What the proposed restructuring makes considerably clearer is where those shares ultimately end up: canceled when Leslie’s emerges from Chapter 11.

Featured Photo Credit: JHVEPhoto

Renowned Pool Franchise Celebrates Growth Milestone Fueled by Multi-Revenue Stream Model and Proven System

DALLAS, TX. (September 18, 2025) — Poolwerx, the world’s leading pool service and retail franchise, proudly announces the opening of its 100^th active territory. With more than 400 territories awarded across the globe and a proven U.S. model built on recurring revenue streams, premium retail experiences, and high-touch support, Poolwerx continues to strengthen its position as the only true one-stop solution in the pool care industry. 

“Reaching 100 units is a tremendous accomplishment for our team and our franchise partners, but it’s just the beginning,” said Andrew Kidd, CEO of Poolwerx USA. “Our success comes from providing a premium, full-service pool care solution and building a culture where franchise partners feel supported to grow. We’ve proven this model works across markets, and we’re excited to bring Poolwerx to hundreds more communities.”

Founded over 30 years ago in Australia, Poolwerx entered the U.S. in 2015. Today, Poolwerx’s franchise partners operate across 17 states, coast to coast, with growth fueled by both mobile and brick-and-mortar retail stores. With over 100 units now operating, Poolwerx is positioned for a new era of growth and expansion, targeting 300 U.S. territories by 2027. 

Poolwerx operates with a multi-revenue stream model that combines retail, service, chemical products, and diagnostics. Its retail stores function as trusted community hubs, offering free water testing, expert advice, and product sales, while its professional service teams deliver reliable maintenance and care. This integrated approach generates recurring, recession-resistant revenue and firmly positions Poolwerx as reliable experts in the industry. 

“Pool ownership can be a chore, and our goal is to make it fun, easy, and reliable,” said Jeff Powell, Vice President of Sales at Poolwerx. “Our franchise partners benefit from a proven system, a brand with three decades of legacy, and a commitment to innovation that keeps us ahead of the curve.”

With mobile options and territories still available across the U.S., Poolwerx is actively seeking franchise candidates who are growth-minded, entrepreneurial leaders — ideal for empire builders, multi-unit operators, and veterans. For more information about Poolwerx and its franchise opportunity, please visit https://poolwerxfranchising.com. 

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About Poolwerx

Poolwerx is the largest global franchise pool retail and service brand with over 650 service vehicles and 180 retail stores across the U.S., Australia, and New Zealand. Offering recurring maintenance, repair, retail, and delivery services, the brand’s success stems from its cutting-edge technology, thorough training, and scalable business model. For more information, visit poolwerx.com. For franchise opportunities, visit poolwerxfranchising.com.

Lakeway, TX — Pinch A Penny, America’s largest franchise pool supply, service and renovation company, celebrated the grand opening of its newest location in Lakeway, Texas with a ribbon-cutting ceremony and donation program last Tuesday, July 8, 2025.

The event marked not only a significant milestone for local owners Kevin and Cheryl Bell but also a heartfelt effort to support those affected by recent flooding across Central Texas.

In response to the devastating floods over July 4th weekend, the Bell family organized a donation drop‑off program during store hours, now through Sunday, August 3, 2025. Community members are invited to contribute items such as clean towels, bottled water, diapers, dry snacks, cleaning supplies, and other essential goods. All donations will go directly to local flood relief organizations supporting affected families across Central Texas.

“We are thrilled to start offering pool service and supplies at the Lakeway and Bee Cave communities.” said Kevin Bell, the store’s owner. “But even more importantly, we want to lend a helping hand to our neighbors in need. This donation drive is our way of giving back and standing with Texas during this challenging time.”

 Pinch A Penny is open from 9am-6pm Monday through Friday, 10am-6pm on Saturday and 12pm-4pm on Sunday. The store is located at 1510 Ranch Road 620 South Suite 600 to serve both the Lakeway and Bee Cave communities.

For more information about product lines, services, or donation guidelines, visit https://pinchapenny.com/stores/lakeway-tx-295 or call (512) 969‑8343.

About Pinch A Penny
For over 50 years, Pinch A Penny has been a trusted expert in pool and spa care, operated by local owners who are committed to delivering knowledgeable advice, quality products, and exceptional customer service at neighborhood locations throughout the sunbelt states. With franchise owners on premise at every location, Pinch A Penny provides its customers with premier pool care and unrivaled services. Backed by parent company, POOLCORP (POOL), the largest swimming pool distributor in the world, Pinch A Penny owners and associates undergo educational programming to obtain the expert qualifications of Certified Pool Operators. For more information about Pinch A Penny or POOLCORP, visit https://pinchapenny.com or https://poolcorp.com.