Tuesday 19 March 2024
  • La Cimbali
  • Triesteexpresso

Luckin Coffee adopts plan to protect the interests of the company’s shareholders

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BEIJING, China – Luckin Coffee Inc. (in Provisional Liquidation) (“Luckin Coffee” or the “Company”) (OTC: LKNCY) yesterday announced that its Board of Directors (“Board”) unanimously adopted a shareholder rights plan (the “Rights Plan”) to protect the interests of the Company’s shareholders.

The Rights Plan, if triggered, will significantly dilute the ownership of any Acquiring Person (as defined in the Rights Plan). However, the Board may, in its sole and absolute discretion, determine that a shareholder or potential shareholder is exempt from the Rights Plan at any time before such person becomes an Acquiring Person.

The Board believes the Rights Plan is an effective course of action for the Board to fulfill its fiduciary duties to the Company and its shareholders and to enable shareholders to realize the long-term value of their investment.

The Rights Plan was adopted following a careful evaluation and consultation with the Company’s external legal advisors and is supported by the Joint Provisional Liquidators of the Company.

Triesteexpresso

Luckin Coffee has made significant progress in its restructuring, which included enhancing its internal controls and corporate governance.

At the same time, Luckin Coffee has delivered strong revenue growth and improvements in results of operation, and the Board and management team remain highly committed to driving growth and value creation for the benefit of its stakeholders.

A letter to shareholders regarding the Rights Plan and a summary of certain terms of the Rights Plan will be mailed to shareholders. The Company has furnished a Form 6-K with the U.S. Securities and Exchange Commission that contains additional information regarding the terms and conditions of the Rights Plan, which will be available on the SEC’s website (http://www.sec.gov).

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