If you were wondering when the shares of scandal-ridden Chinese coffee company Luckin (LK) would trade again, it looks like the answer is never.
Nasdaq informed the company of its plans to delist the shares in a May 15 notice, Luckin said in a regulatory filing late Monday.
In early April, Luckin revealed it had uncovered fabricated transactions as part of an internal investigation into accounting regularities. Shares plunged more than 75% before being halted on April 6.
On May 12, Luckin announced it had fired its CEO as well as chief operating officer Jian Lu -- the latter of whom had already been suspended for misconduct, along with several of his direct reports.
Luckin said in Monday's filing that it plans to request a hearing with Nasdaq about the delisting notice. The stock will remain on Nasdaq until the hearing date, which Luckin said should take place within the next 30 to 45 days.
But it's not looking promising for Luckin, which went public in May 2019 and initially soared on hopes that it was stealing market share from Starbucks (SBUX) in China. As of late last year the company had 3,680 stores. However, bankruptcy rumors have been swirling in light of the scandal.