Unlucky Luckin faces additional delisting notice from Nasdaq

Chinese coffee brand Luckin CoffeeInc. received another delisting notice from Nasdaq citing the failure to file its annual report, the company announced on Tuesday.

The company was in trouble due to a multimillion-dollar financial fraud earlier. Luckin said on June17 it received an additional written notice from the Listing Qualifications Staff of the Nasdaq Stock Market LLC indicating that the company's failure to file its annual report on Form20-F for the period ended December31, 2019.

The failure serves as an additional basis for delisting the Luckin's securities from the Nasdaq pursuant to Nasdaq Listing Rule5250(c)(1). This Notice is in addition to the two bases cited in the written notice issued by the Listing Qualifications Staff as disclosed by the company on May19.

Luckin said it has been working diligently to explore possible ways to file the annual report as soon as possible. However, it has not been able to file the annual report due tothe impact of the delayed financial statement preparation process caused by COVID-19 and the pendency of the previously disclosed internal investigation.