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Luckin Coffee Inc. Announces Pricing of Upsized Follow-on Public Offering of American Depositary Shares

BEIJING, Jan. 10, 2020 (GLOBE NEWSWIRE) -- Luckin Coffee Inc. (a??Luckin Coffeea?? or the a??Companya??) (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 pricing of an upsized public offering of 9.00 million American depositary shares (the a??ADSsa??), each representing eight ClassAA ordinary shares (the a??Primary ADS Offeringa??), and 4.80 million ADSs offered by the selling shareholder (the a??Secondary ADS Offeringa?? and, together with the Primary ADS Offering, the a??ADS Offeringa??), at US$42.00 per ADS. Luckin Coffee will not receive any proceeds from the sale of ADSs by the selling shareholder. The Company and the selling shareholder have granted the underwriters of the ADS Offering a 30-day option to purchase up to an additional 2.07 million ADSs.
Credit Suisse Securities (USA) LLC, Morgan StanleyA& 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 NeedhamA& Company, LLC are acting as co-managers.The Company expects to close the ADS Offering on or about JanuaryA14, 2020, subject to the satisfaction of customary closing conditions.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)ACredit Suisse Securities (USA) LLC, 11 Madison Avenue, New York, NY 10010-3629, United States of America, Attention: Prospectus Department, (2)AMorgan StanleyA& Co. LLC, Prospectus Department, 2nd Floor, 180 Varick Street, New York, NY 10014, United States of America, Attention: Prospectus Department, (3)AChina International Capital Corporation Hong Kong Securities Limited, 29th Floor, One International Finance Centre, 1 Harbour View Street, Central, Hong Kong and (4)AHaitong 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 Primary ADS 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.
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