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Luckin Coffee To Be Delisted From Nasdaq On June 29

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Luckin Coffee Inc (LK) Friday said its shares would be suspended from trading on the Nasdaq from next week. Shares of the company plunged 50% following the news.

Luckin Coffee previously said it received two written notices from the Nasdaq Stock Market indicating the grounds of its decision to delist the company's securities from Nasdaq.

The company had requested a hearing before the Nasdaq Hearings Panel to reverse it decision.

On June 24, 2020, the company notified the Nasdaq about the company's decision to withdraw its request for the aforementioned hearing and not to seek to reverse or stay the decision to delist the company from the Nasdaq Global Select Market.

The Office of General Counsel of Nasdaq has notified the company that the company's shares will be suspended at the open of business on June 29, 2020, and Nasdaq will file a Form 25 Notification of Delisting when all appeal periods have expired.

LK is currently trading at $1.48, down $1.52 or 50.6667%, on the Nasdaq.

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