World

Chinese language espresso corporate Luckin might be delisted after defrauding traders


The company initially said last month that it was requesting a hearing with Nasdaq but it said in a press release Friday that shares will now be suspended from trading at the start of Monday June 29.
Investors lapped up the stock, betting that Luckin would become a legitimate homegrown rival to Starbucks (SBUX), which generates a big chunk of its revenue from Chinese consumers.

It’s not clear what’s next for Luckin now that it will no longer have access to the stock market to raise new capital. As of late last year the company had 3,680 stores. However, bankruptcy rumors have been swirling in light of the scandal.

Read More: https://www.kbcchannel.tv | For More World News | Visit Our Facebook & Twitter @kbcchanneltv | Making The Invisible, Visible

READ  Jussie Smollett going through new fees for 'staging racist assault on himself' | US Information

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Back to top button
Close
Close

Adblock Detected

Please consider supporting us by disabling your ad blocker
%d bloggers like this: