Chinese coffee chain Luckin Coffeesaid on Thursday that it had reached a deal with investors to get $250 million investment in a latest effort to restore its business after a massive accounting fraud, reported Caixin.
The investments, through a private placement, include $240 million from Centurium Capital and $10 million from Joy Capital, Lucking said in a filing. The investors also agreed to provide an additional $150 million to the company “under certain circumstances.”
Luckin Coffee said it plans to use the money to facilitate a proposed offshore restructuring and fulfill the obligations under its recently announced settlement with the US Securities and Exchange Commission (SEC).