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 (, 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.