Luckin Coffee Inc. Announces Full Exercise of Option by the Underwriters to Purchase Additional American Depositary Shares
18 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 the closing of the
issuance of an additional 1.35 million American Depositary Shares
(“ADSs”), each representing eight Class A ordinary shares of the
Company, and 0.72 million ADSs offered by the selling shareholder,
at US$42.00 per ADS, pursuant to the exercise in full of the
underwriters’ option to purchase such additional ADSs in connection
with the previously announced follow-on public ADSs offering (“the
ADS Offering”). The Company also announced the closing of the
issuance of an additional US$60 million in aggregate principal
amount of the previously announced concurrent offering of
convertible senior notes of the Company (the “Concurrent Note
Offering”).
The Company received net proceeds of approximately US$418.3
million in aggregate from the ADS offering, and net proceeds of
approximately US$446.7 million in aggregate from the Concurrent
Note Offering. The Company did not receive any proceeds from the
sale of ADSs by the selling shareholder.
Credit Suisse Securities (USA) LLC, Morgan Stanley & Co.
LLC, China International Capital Corporation Hong Kong Securities
Limited and Haitong International Securities Company Limited are
acting as the joint book-running managers for the ADS Offering.
KeyBanc Capital Markets Inc. and Needham & Company, LLC are
acting as co-managers.
This offering is being made only by means of a written
prospectus forming a part of an effective registration statement.
Copies of the preliminary prospectus related to the proposed ADS
Offering may be obtained from: (1) Credit Suisse Securities (USA)
LLC, 11 Madison Avenue, New York, NY 10010-3629, United States of
America, Attention: Prospectus Department, (2) Morgan Stanley &
Co. LLC, Prospectus Department, 2nd Floor, 180 Varick Street, New
York, NY 10014, United States of America, Attention: Prospectus
Department, (3) China International Capital Corporation Hong Kong
Securities Limited, 29th Floor, One International Finance Centre, 1
Harbour View Street, Central, Hong Kong and (4) Haitong
International Securities Company Limited, 8/F, Li Po Chun Chambers,
189 Des Voeux Road Central, Hong Kong, Attention: Equity Capital
Markets.
The Company plans to use the net proceeds from the ADS Offering
and the Concurrent Note Offering for general corporate purposes,
which may include store network expansion, unmanned retail
initiative, capital expenditure, research and development, sales
and marketing, business development, international expansion,
working capital, and other general and administrative matters.
A registration statement relating to these securities has been
declared effective by the U.S. Securities and Exchange Commission
(the “SEC”). 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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