Investors in China’s Luckin Coffee (OTC:LKNC.Y) have had to deal with a lot of surprises this year. Revelations of fraudulent accounting practices led to a long suspension in trading of the shares on the Nasdaq exchange. Top executives were ousted from the coffee store chain’s C-suite. And finally, Luckin shareholders got what many had considered to be the final straw: notice that the stock would get delisted from the Nasdaq.
Luckin Coffee announced Friday that the company had withdrawn its request for a Nasdaq hearing, a months after the stock market announced that it was issuing the China-based coffee company a delisting notice following a fraud scandal that resulted in fabricated financial numbers.