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Chinese Coffee Chain Luckin US Delisted
China-based Luckin Coffee delisted from the Nasdaq stock market.
The Beijing-based coffee chain received two notices from the Nasdaq about its failure to adhere to listing rules.
On 22 May 2020, Luckin requested a hearing on the issue, which had been scheduled for June 25. The day before, Luckin withdrew the hearing request and the company's shares will be suspended at the open of business on Monday.
Luckin has been embroiled in financial misconduct investigation that has sent the stock plummeting 89% over the past three months, led to the terminations of key executives, including the chief executive, and contributed to a delay in the company's annual report. Luckin stock fell more than 32% in Friday premarket trading after the delisting news.
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