Luckin Coffee Drops Nasdaq Appeal; Shares to Be Delisted Markets

2020-06-27 00:36:00

Embattled Chinese coffee chain Luckin Coffee Inc. said it no longer plans to appeal a decision by the Nasdaq Stock Market to delist its shares, and the company’s board proposed to remove its chairman as an internal investigation deepened.

Luckin’s American Depositary Shares will be suspended from trading from June 29, and delisting procedures will commence thereafter, the Xiamen-headquartered company said in a regulatory filing Friday. This effectively ends Luckin’s one-year run as a U.S. publicly listed company.

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