Luckin Coffee Inc. Closes Offering of US$400 Million Convertible Senior Notes
15 January 2020 - 8:30AM
Luckin Coffee Inc. (“Luckin Coffee” or the “Company”) (NASDAQ: LK),
a pioneer of a technology-driven new retail model to provide coffee
and other products of high quality, high affordability, and high
convenience to customers, today announced that it closed the
offering (the “Notes Offering”) of US$400 million in aggregate
principal amount of convertible senior notes due 2025 (the
“Notes”). The Company has granted the initial purchasers in the
Notes Offering an option to purchase up to an additional US$60
million in aggregate principal amount of the Notes. The Company
also closed the previously announced concurrent offering of
American depositary shares (“ADSs”) of the Company.
The Company received net proceeds of approximately US$388.4
million from the Notes Offering, and net proceeds of approximately
US$363.6 million from the concurrent ADS offering. We expect to
receive approximately an additional US$58.3 million if the initial
purchasers in the Notes Offering exercise in full their option to
purchase additional Notes, and approximately an additional US$54.7
million from the concurrent ADS offering if the underwriters
exercise their option to purchase additional ADSs from us in
full.
The Notes have been offered and sold only to qualified
institutional buyers pursuant to Rule 144A and to non-U.S. persons
outside the United States in reliance on Regulation S under the
Securities Act of 1933, as amended (the “Securities Act”). The
Notes, the American Depositary Shares (each currently representing
eight Class A ordinary shares of the Company) deliverable upon
conversion of the Notes and the Class A ordinary shares represented
thereby have not been and will not be registered under the
Securities Act or the securities laws of any other place, and may
not be offered or sold in the United States absent registration or
an applicable exemption from registration requirements.
This press release shall not constitute an offer to sell or a
solicitation of an offer to purchase any securities, nor shall
there be a sale of the securities in any state or jurisdiction in
which such an offer, solicitation or sale would be unlawful.
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. IREmail:
ir@luckincoffee.com
Bill Zima / Fitzhugh TaylorICR, Inc.Phone: 646 880 9039
Media Relations:Luckin Coffee Inc. PREmail:
pr@luckincoffee.com
Ed Trissel / Scott Bisang / Jack
KelleherJoele Frank, Wilkinson Brimmer KatcherPhone: 212 355
4449
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