The firm initially stated final month that it was requesting a hearing with Nasdaq but it surely stated in a press launch Friday that shares will now be suspended from buying and selling in the beginning of Monday June 29.
Investors lapped up the inventory, betting that Luckin would grow to be a legit homegrown rival to Starbucks (, which generates a giant chunk of its income from Chinese shoppers. )
It’s not clear what’s subsequent for Luckin now that it’s going to not have entry to the inventory market to boost new capital. As of late final yr the corporate had 3,680 shops. However, chapter rumors have been swirling in gentle of the scandal.