Luckin Coffee Received Notification from Mr. Tianruo Pu of his Resignation as an Independent Director
Luckin Coffee Inc. (NASDAQ: LK) announced the resignation of board member Mr. Tianruo Pu, effective June 16, 2020, due to personal reasons. The remaining board comprises Mr. Sean Shao and Mr. Wai Yuen Chong, with Shao as chairman of both the Audit and Special Committees. The company expressed gratitude for Mr. Pu's service and is actively seeking new independent directors. This change comes amid ongoing efforts to strengthen governance and oversight within the company.
- Active search for new independent directors to enhance governance.
- Resignation may raise concerns about board stability and continuity.
BEIJING, June 19, 2020 (GLOBE NEWSWIRE) -- Luckin Coffee Inc. (the “Company”) (NASDAQ: LK) today announced the following:
The Company received a letter of resignation dated June 16, 2020 from Mr. Tianruo Pu, under which Mr. Pu notified the Company of his resignation from the Board due to personal reasons, effective immediately. Following Mr. Pu’s resignation, both of the Audit Committee of the Board and the Special Committee of the Board consist of Mr. Sean Shao and Mr. Wai Yuen Chong, with Mr. Sean Shao serving as chairman.
The Company thanks Mr. Pu for his dedicated service to the Company and is actively searching for suitable new independent director(s) to join the Board.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “potential,” “continue,” “ongoing,” “targets,” “guidance” and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s growth strategies; its future business development, results of operations and financial condition; its ability to understand buyer needs and provide products and services to attract and retain buyers; its ability to maintain and enhance the recognition and reputation of its brand; its ability to rely on merchants and third-party logistics service providers to provide delivery services to buyers; its ability to maintain and improve quality control policies and measures; its ability to establish and maintain relationships with merchants; trends and competition in China’s e-commerce market; changes in its revenues and certain cost or expense items; the expected growth of China’s e-commerce market; PRC governmental policies and regulations relating to the Company’s industry, and general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.
About Luckin Coffee Inc.
Luckin Coffee Inc. (NASDAQ: LK) has pioneered a technology-driven retail network to provide coffee and other products of high quality, high affordability, and high convenience to customers. Empowered by big data analytics, AI, and proprietary technologies, the Company pursues its mission to be part of everyone’s everyday life, starting with coffee. The Company was founded in 2017 and is based in China. For more information, please visit investor.luckincoffee.com.
Investor and Media Contacts
Investor Relations:
Luckin Coffee Inc. IR
Email: ir@luckincoffee.com
Bill Zima / Fitzhugh Taylor
ICR, Inc.
Phone: 646 880 9039
Media Relations:
Luckin Coffee Inc. PR
Email: pr@luckincoffee.com
Ed Trissel / Jack Kelleher
Joele Frank, Wilkinson Brimmer Katcher
Phone: 212 355 4449
FAQ
Who resigned from Luckin Coffee's board on June 16, 2020?
What is the impact of Tianruo Pu's resignation on Luckin Coffee's board?
What steps is Luckin Coffee taking after the board resignation?
