Illustration: Sarah Grillo/Axios

Luckin Coffee (Nasdaq: LK), the Chinese coffee shop chain that recently fired its CEO and COO for falsifying sales data, yesterday received a delisting notice from Nasdaq. One source says that Luckin didn't sufficiently answer questions Nasdaq had asked.

Why it matters: This comes against the backdrop of Nasdaq tightening its listing standards for closely held companies and those that aren't sufficiently transparent about their accounting. It didn't explicitly cite Chinese issuers like Luckin, but its targets were clear.

What's next: Luckin will appeal Nasdaq's decision, and gets to keep trading on the exchange until its challenge is adjudicated.

The bottom line: It's been just one year since Luckin went public at nearly a $3 billion valuation, later rising to a whopping $13 billion, as investors clamored for a piece of China's homegrown rival to Starbucks. This morning's opening market cap was less than $700 million.

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Illustration: Aïda Amer/Axios

The story of American businesses in the coronavirus pandemic is a tale of two markets — one made up of tech firms and online retailers as winners awash in capital, and another of brick-and-mortar mom-and-pop shops that is collapsing.

Why it matters: The coronavirus pandemic has created an environment where losing industries like traditional retail and hospitality as well as a sizable portion of firms owned by women, immigrants and people of color are wiped out and may be gone for good.

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Illustration: Aïda Amer/Axios

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Why it matters: Apple is one of several Big Tech firms accused of violating the spirit, if not the letter, of antitrust law. A high-profile lawsuit could become a roadmap for either building a case against tech titans under existing antitrust laws or writing new ones better suited to the digital economy.

Survey: Fears grow about Social Security’s future

Data: AARP survey of 1,441 U.S. adults conducted July 14–27, 2020 a ±3.4% margin of error at the 95% confidence level; Chart: Naema Ahmed/Axios

Younger Americans are increasingly concerned that Social Security won't be enough to wholly fall back on once they retire, according to a survey conducted by AARP — in honor of today's 85th anniversary of the program — given first to Axios.

Why it matters: Young people's concerns about financial insecurity once they're on a restricted income are rising — and that generation is worried the program, which currently pays out to 65 million beneficiaries, won't be enough to sustain them.