If you don’t renew your license then you are free to continue to use the last version that you downloaded. Your license provides access to updates, downloads and support. Once your license expires you can no longer download the product, access premium support or receive updates and bug fixes.
Jamie is the founder and lead developer of WC Vendors. He has been working in the WordPress, WooCommerce and Marketplace space for more than 15 years, 9 of those dedicated to multivendor marketplaces.