Luckin Coffee (NASDAQ:LK) shares were trading lower on Friday after the company announced the withdrawal of its request for a Nasdaq hearing.
The company's shares will be suspended at the open of business on June 29.
Luckin Coffee is a China-based company engaged in operation of coffee stores. It sources its Arabica coffee beans from various suppliers and engage World Barista Champion teams to design its coffee recipes. The company also has partnered with suppliers for other products such as juices and light meals.
Luckin Coffee shares were trading down 54.33% at $1.37 on Friday. The stock has a 52-week high of $51.38 and a 52-week low of $1.16.