Why Luckin Coffee Stock Plunged Today
Shares of Luckin Coffee (NASDAQ: LK) fell more than 12% on Tuesday after the Chinese coffeehouse company disclosed that it received another delisting notice from Nasdaq.
Luckin Coffee said that it received a notice from the Nasdaq Stock Market on June 17, which warned that its failure to file its annual report would serve as an additional reason for delisting its shares.
"The company has been working diligently to explore possible ways to file the annual report as soon as possible," Luckin said in a press release. "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."
Source Fool.com
