Nasdaq To Delist Luckin Coffee As Executive Shake-Up Brews

By Sierra Jackson (June 26, 2020, 8:21 PM EDT) -- Chinese coffee retailer Luckin Coffee said Friday that it will be delisted from Nasdaq after it withdrew a request to challenge the stock market's delisting notice, the same day the company's board released a proposal to remove its chair amid an internal fraud investigation.

The delisting plans come after Luckin Coffee Inc. received its second notice from Nasdaq on June 17 threatening that its stock would be delisted, this time for not filing its annual financial reports with the U.S. Securities and Exchange Commission, which is required of all publicly traded companies.

Luckin had requested a hearing, which was set for...

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