BUSINESS
Luckin Coffee shares face wipeout in rush to sell after Nasdaq issues delisting notice
BUSINESS

Luckin Coffee shares face wipeout in rush to sell after Nasdaq issues delisting notice

Published: May 20, 2020  |  3 min read, 665 words
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NEW YORK (BLOOMBERG) - Luckin Coffee Inc’s battered stock faces a renewed wave of selling on Wednesday (May 20), after Nasdaq said it planned to delist the onetime market darling that shocked investors with revelations of accounting fraud last month.The Chinese coffee chain’s shares, which have been suspended since tumbling more than 80 per cent in early April, will resume trading at 7am in New York. Luckin announced Nasdaq’s intention to delist the company in a statement on Tuesday, saying shares will remain on the exchange pending the outcome of an appeal hearing.The prospect of delisting... READ MORE
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