Luckin Coffee Inc. (NASDAQ: LK) is under fire yet again. The Chinese coffee chain resumed trading on the Nasdaq after it was halted on April 7, and Luckin Coffee stock plummeted as a result. However, there are larger concerns with the prospect of delisting from the Nasdaq. This stock could very well be on its way to zero.

The Nasdaq indicated that the Listing Qualifications Staff has determined to delist the company’s securities from Nasdaq. Two bases were cited for the delisting determination. First Nasdaq cited public interest concerns as raised by the fabricated transactions disclosed by the company on April 2. Also the company’s past failure to publicly disclose material information, citing a business model through which the previously disclosed fabricated transactions were executed.

The Chinese company is appealing this and plans to request a hearing before the Nasdaq Hearings Panel. Accordingly, Luckin stock will remain listed on the Nasdaq, pending the outcome of the panel’s decision. Look for the hearing to occur in the next 30 to 45 days.

Luckin stock originally took a hit when it was reported that the company had fabricated sales. Chief Executive Officer Jenny Zhiya Qian and Chief Operating Officer Jian Liu were fired earlier this month after the company conducted an internal investigation.

In China, Luckin is “actively cooperating” with the State Administration for Market Regulation in Beijing after it reportedly raided the company’s headquarters in April. The China Securities Regulatory Commission has been investigating Luckin’s admission that it fabricated around RMB2.2 billion ($310 million) in sales.

Luckin Coffee stock traded down 36% at $2.80 on Wednesday, in a 52-week range of $2.40 to $51.38. The consensus analyst price target is $37.73.

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