Shares of Luckin Coffee Inc. (LKNCY), a China-based Coffee company, are adding $0.66 or almost 9 percent in Friday’s morning trade at $8.01.
Thursday, Luckin Coffee commented on the report by the Joint Provisional Liquidators or JPLs to the Cayman Court on the progress of the company’s restructuring. The company noted that the JPLs, in conjunction with the company, developed a detailed and viable restructuring proposal of the company’s indebtedness, with a view to the restructuring being presented by way of one or more schemes of arrangements before the Cayman Islands court.
Luckin Coffee said Wednesday it agreed to pay a $180 million penalty to settle the U.S. Securities and Exchange Commission or SEC’s allegations that the it misstated its revenue, expenses, and net operating loss in an effort to falsely appear to achieve rapid growth and increased profitability and to meet the company’s earnings estimates.
Luckin Coffee has traded in a range of $0.91 to $51.38 in the past 52 weeks.
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