Ljungkrantz's NHL rights expired Saturday after the Islanders failed to sign the winger, per CapFriendly.
Ljungkrantz saw action in 44 games for second-tier club Almtuna IS this season in which he generated 20 goals and 12 assists. Considering the 22-year-old winger struggled to break into the Swedish top tier this year, he figures to be hard-pressed to break into the NHL at any point in the future.