The announcement comes courtesy of the Toronto Maple Leafs PR department.
Kasperi Kapanen has played in six games this season and scored twice, and posted a 50.56% Corsi-For rating. He has mostly been relegated to playing on the third and fourth line, when there are injuries. With Matthews back from a concussion and Connor Brown suiting up on the fourth line, there is nowhere for Kapanen to play.
I feel kind of bad for Kapanen because he is clearly an NHL player, but his waiver eligibility and the fact that the Leafs are so deep on right-wing (Nylander, Marner, Brown, Komarov) means there is no place for him to play, despite being perhaps the fastest player on the team.