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Luckin Coffee To Resolve All Claims In Securities Class Action; Files Annual Report

Luckin Coffee Inc. has entered into a binding term sheet with the Lead Plaintiffs to fully resolve all claims that have been or could be filed on behalf of a class of purchasers of the company's ADS between May 17, 2019 through July 15, 2020. The term sheet provides that the U.S. class action settlement amount will be calculated based on a global settlement amount of $187.5 million.

Separately, Luckin Coffee said it has filed a petition and summons for directions in the Cayman Court regarding a scheme of arrangement related to the restructuring of its $460 million 0.75% Convertible Senior Notes due 2025 proposed by the company and its joint provisional liquidators. The company seeks an order for the convening of a single meeting of the class of creditors affected by the scheme to consider and approve, with or without modification, the scheme of arrangement.

Also, Luckin Coffee has filed its annual report on Form 20-F for the fiscal year ended December 31, 2020 with the SEC. Net revenues were RMB 4.03 billion, an increase of 33.3% from 2019.

"Luckin Coffee continues to make progress on returning the company to normalized financial reporting," said Jinyi Guo, CEO of Luckin Coffee.

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