Luckin Coffee gets second Nasdaq delisting notice

The Chinese startup’s stock price has lost 95% of its valuation since January.

Embattled coffee chain Luckin Coffee announced it has received its second delisting notice from Nasdaq last 17 June, this time for failing to file its annual report.

“The Company has been working diligently to explore possible ways to file the Annual Report as soon as possible. However, the Company has not been able to file the Annual Report due to the impact of the delayed financial statement preparation process caused by COVID-19 and the pendency of the previously disclosed internal investigation,” the chain said in its announcement.

Early April saw the Chinese startup acknowledged a massive fraud led by the company’s chief operating officer, who has since been fired.

Last month, Nasdaq issued Luckin its first delisting notice, citing “public interest concerns” due to the fabricated transactions and the failure to disclose “material information.”