Luckin Coffee Underwriting Agreement
Our goal is to become the largest coffee network in China in terms of number of businesses by the end of 2019. Under the agreement, these two shareholders may, under certain conditions, invest an additional $150 million on a pro rata basis. This funding round is primarily used for Luckin Coffee`s overseas debt restructuring plan and to meet its obligations under the recent agreement with the U.S. Securities and Exchange Commission. Luckin Coffee said the investment will help the company continue to implement its business plan and focus on growing its coffee business to achieve its long-term growth goals. (Yicai Global) 22. Shares of Luckin Coffee rose after the Chinese coffee chain, which was fined $180 million in December by U.S. supervisory authorities for falsifying sales, said it had settled an $187 million class action lawsuit and returned to normal financial reporting. The company has since admitted to inflating its revenue to CNY2.12 billion in 2019 and its costs and expenses by CNY1.34 billion. It was excluded from the Nasdaq last June and ended a 400-day listing. On December 17, 2020, the U.S.
Securities and Exchange Commission (SEC) announced that Luckin Coffee had agreed to pay $180 million to obtain on February 4, 2021 a comparison with the SEC`s fraud allegations, approved by the Southern District Court of New York State. Please report your traffic by updating your user agent to include company-specific information. Revenue rose 33 percent last year to CNY 4.03 billion ($618.1 million) as Luckin Coffee raised its prices and despite the Covid 19 pandemic and restructuring, as the report showed. . . .