-=Luckin Coffee (LK) withdraws request for Nasdaq hearing; shares to be suspended on June 29

• Luckin Coffee Inc (LK) said on Friday its shares would be suspended from trading on the Nasdaq from next week as it withdrew a request for a hearing with the U.S. stock exchange on the delisting notice.
• The Nasdaq’s (NDAQ) reasons for delisting include public concerns raised by the fabricated transactions, company’s failure to disclose material information and to file its annual report.

Luckin Coffee withdraws request for Nasdaq hearing; shares to be suspended on June 29

As previously disclosed, the company received two written notices from the Listing Qualifications Staff of the Nasdaq Stock Market, indicating the grounds of its decision to delist the company's securities from Nasdaq.

On May 22, the company requested an oral hearing before the Nasdaq Hearings Panel pursuant to Market Place Rule 4820. On May 23, Nasdaq informed the company of the scheduled hearing date of June 25, 2020.

On June 24, the company notified the Listing Qualifications Staff of the company's decision to withdraw its request for the aforementioned hearing and not to seek to reverse or stay the Listing Qualification Staff's determination of delisting the company from the Nasdaq Global Select Market. As a result, the Office of General Counsel of Nasdaq has notified the company that the company's shares will be suspended at the open of business on June 29, and Nasdaq will file a Form 25 Notification of Delisting when all appeal periods have expired.