Beijing / CN. (lci) Luckin Coffee Inc., a pioneer of a technology-driven new retail model to provide coffee and other products of high quality, high affordability, and high convenience to customers, announced that on May 15, 2020, it received a written notice from the Listing Qualifications Staff of The Nasdaq Stock Market LLC 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.
The Company plans to timely request a hearing before a Nasdaq Hearings 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.