Luckin Coffee Receives a Delisting Notice from Nasdaq as the Annual Report is not Submitted
Affected by this news, Luckin Coffee's stock price fell 12.26% yesterday. The company said that it has been working hard to explore possible ways to submit its annual report as soon as possible. On June 15, Luckin Coffee submitted a regulatory filing to the US Securities and Exchange Commission (SEC), stating that the company will delay the submission of the 2019 annual report. Luckin Coffee noted in the document that the main reason is that COVID-19 delayed the process of preparing financial statements. Pending impact of internal investigations contributed as well.