Nasdaq to suspend trading of Luckin Coffee shares from Monday (updated)

Luckin Coffee

26/06/2020 14:54

(Adds details from release, background)
    June 26 (Reuters) - Luckin Coffee Inc  LK.O  said on Friday
its shares would be suspended from trading on the Nasdaq from
next week as it  withdrew a request for a hearing with the U.S.
stock exchange on the delisting notice.
    Shares of the Chinese company, which was served with two
de-listing notices over the last two months, tumbled 35%. 
    They have already lost nearly 90% of their value since
Luckin disclosed an internal probe against the chief operating
officer for overestimating as much as 2.2 billion yuan in 2019
sales.
    The Nasdaq's  NDAQ.O  reasons for delisting include public
concerns raised by the fabricated transactions, company's
failure to disclose material information and to file its annual
report.
    The stock exchange will file a Form 25 notification of
delisting, when all appeal periods have expired, Luckin said in
a statement.  urn:newsml:reuters.com:*:nGNXwwSlY 
    

 (Reporting by Nivedita Balu in Bengaluru; Editing by Sriraj
Kalluvila and Arun Koyyur)
 ((Nivedita.Balu@thomsonreuters.com; within U.S. +1 646 223
8780; outside U.S. +91 80 6749 4822/ Twitter: @niveditabalu;))