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Luckin Coffee Accedes to Delisting From Nasdaq
Published on: 2020-06-28
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LUCKINLuckin Coffee Inc. will be delisted from the Nasdaq after it received two notices from the New York-based stock exchange over failure to meet listing rules, the scandal-plagued Chinese coffee chain said Friday.

The company originally scheduled a hearing on the issue for June 25. But the day before the hearing it withdrew the request and decided not to fight the Nasdaq’s delisting decision, according to a statement issued Friday.

The company’s shares will be suspended at the opening of business Monday. The stock plunged more than 55% to $1.32 Friday morning. Luckin was listed on the Nasdaq in May 2019 with an initial public offering price of $17 each. At its peak, Luckin traded at just over $50 a share with a market value of $12 billion.

The Nasdaq will file a notice of delisting when all appeal periods have expired, Luckin said.

Luckin's board will also require Chairman Lu Zhengyao. The proposal was requested by a majority of directors and was based on the findings of an internal investigation, the Chinese company said in a filing. The board will hold a special meeting on the matter on July 2.



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