Hi @parekhs - If you are using the Server edition, then you will not have any change in functionality, but you want be able to get Tech Support or upgrades until you renew. This is because the Server edition uses perpetual licenses.
If you are using Cloud or Data center then you should reach out to your license contact (which would be Atlassian or an Atlassian partner) to arrange a temporary accommodation because those editions are subscription based and so you must maintain your subscriptions in order to have access.
There's more info at the Atlassian licensing FAQ.
Typically, product transitions in read-only mode. You cannot edit or change anything. For example, in Jira, after the license expires, you can only look at tickets, and nothing more
This all applies to the cloud and data center versions. Nothing will change for the server, only the Atlassian does not guarantee operation and does not provide support
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