Nasdaq delists Luckin Coffee

Tuesday, 19. May 2020 16:48

Chinese Luckin Coffee Inc is being delisted from the Nasdaq Stock Market as a result of financial manipulation, a filing from the company showed on Tuesday.

Luckin Coffee stated that Nasdaq sent a note to inform it of the decision which said the delisting will take place as a result of "public interest concerns." However, the company is planning to appeal the decision and expects a hearing to take place sometime in June.

Earlier, Luckin Coffee fired its COO and CEO over financial manipulation and false earnings reporting. The firm's shares have been suspended for trading since April 7. It's last price per share was $4.39 at the end of the trading day on April 6.

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