Luckin Coffee Inc. (NASDAQ:LK) shares are trading lower after the company received a delisting notice from Nasdaq for failure to file its Annual report.
The company announced it 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.
Luckin Coffee is a China-based company engaged in the operation of coffee stores. It sources its Arabica coffee beans from various suppliers and engages World Barista Champion teams to design its coffee recipes.
Luckin Coffee's stock was trading down 16.04% at $2.67 per share on Tuesday at the time of publication. The company has a 52-week high of $51.38 and a 52-week low of $1.33.