What happened when Nasdaq informed Ruixun that he had to be removed from the list?

Nasdaq Stock Exchange informed Ruixing that it must withdraw from the market on the evening of May 19. According to Reuters, the Nasdaq Stock Exchange has informed Luckin Coffee that it must be delisted.

Luckin Coffee was listed in the United States on 20 19. The company announced last month that an internal investigation revealed that its chief operating officer and other employees forged the sales agreement.

Lujin Coffee 19 also announced in the evening that the company received the delisting notice from Nasdaq Stock Exchange on May 15, and the company plans to hold a hearing on this and continue to list on Nasdaq before the hearing results are released. The hearing is usually arranged 30 to 45 days after the date of hearing request.

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Luckin coffee fraud:

On April 2 this year, Luckin Coffee announced the establishment of a special committee to conduct an internal investigation into the fabricated transactions made by Liu Jian, the chief operating officer and several other employees of the company.

Luckin Coffee said that during the audit of the company's consolidated financial statements for the fiscal year ending 20 19 12 3 1, some issues attracted the attention of the board of directors, and the special committee will supervise the internal investigation of these issues. It is precisely because of this incident that Luckin Coffee's share price suffered a huge earthquake on April 2, which plunged 78.5% at the opening and even caused a fuse.

On the afternoon of April 5th, Luckin Coffee issued an apology statement on the recent financial fraud incident, saying that the executives and employees involved in financial fraud have been suspended from investigation, and the company will disclose the investigation results to the public as soon as possible and take all necessary remedial measures to avoid all the problems caused by this incident.

With regard to the cross-border regulatory cooperation involved in the Luckin Coffee incident, the CSRC said on the evening of April 27th that the China Securities Regulatory Commission has always taken a positive attitude towards cross-border regulatory cooperation and supported overseas securities regulatory agencies to investigate and deal with financial fraud of listed companies within its jurisdiction.

Observer Network-Nasdaq Stock Exchange notified delisting, and Luckin Coffee issued an announcement in response.