(C) Reuters. FILE PHOTO: A cup of ‘Luckin Coffee,’ coffee is poured during the company’s IPO at the Nasdaq Market site in New York
(Reuters) – Luckin Coffee Inc (O: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.
Shares of the Chinese company, which was served with two de-listing notices over the last two months, tumbled 35%.
They have already lost nearly 90% of their value since Luckin disclosed an internal probe against the chief operating officer for overestimating as much as 2.2 billion yuan in 2019 sales.
The Nasdaq’s (O: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.
The stock exchange will file a Form 25 notification of delisting, when all appeal periods have expired, Luckin said in a statement.
Nasdaq to suspend trading of Luckin Coffee shares from Monday
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