'Issued' and 'Lapsed' are the two most common statuses that an LEI can have.
An 'Issued' LEI is active and valid for transaction reporting.
A 'Lapsed' LEI is no longer active but can be renewed.
An LEI will expire and become inactive ('Lapsed') if it is not renewed annually. The renewal can be undertaken in the NordLEI portal at any point when it is close to the LEI’s expiry date.
If you need instructions on how to renew please see this article