Luckin Coffee Receives Delisting Notice from Nasdaq
Posted by freemexy on June 1st, 2020
Luckin Coffee Inc. (the “Company”) (NASDAQ: LK) today announced that on May 15, 2020, it received a written notice (the “Notice”) from the Listing Qualifications Staff (the “Listing Qualifications Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) indicating that the Listing Qualifications Staff has determined to delist the Company’s securities from Nasdaq. The Listing Qualifications Staff cited two bases for the delisting determination: (i) public interest concerns as raised by the fabricated transactions disclosed by the Company in a Form 6-K on April 2, 2020, pursuant to Nasdaq Listing Rule 5101; and (ii) the Company’s past failure to publicly disclose material information, citing a business model through which the previously disclosed fabricated transactions were executed, pursuant to Nasdaq Listing Rule 5250.To get more luckin coffee stock news, you can visit shine news official website.
The Company plans to timely request a hearing (the “Hearing”) before a Nasdaq Hearings Panel (the “Panel”). The Company will remain listed on Nasdaq, pending the outcome of the Hearing. There can be no assurance that the Panel will grant the Company’s request for continued listing. According to the Notice, the Hearing will typically be scheduled to occur approximately 30 to 45 days after the date of the hearing request.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “potential,” “continue,” “ongoing,” “targets,” “guidance” and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties.
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