TuSimple Holdings Inc. Class A Common Stock

TSP

Market cap $57.5M

TuSimple's shares fell 55% early Wednesday after the company said it planned to voluntarily delist from the Nasdaq and deregister its shares with the Securities and Exchange Commission (SEC). The San Diego, California-based autonomous driving technology company said a special board committee comprising non-executive directors had concluded the delisting and deregistration was in the best interest of the company and its stockholders.

Chinese autonomous trucking startup TuSimple will delist itself from the Nasdaq stock exchange as it moves forward with its plan to fully exit the U.S. market.

TuSimple Holdings said it has decided to voluntarily delist from the Nasdaq and terminate its registration with the U.S. securities regulator, sending the autonomous driving technology company's shares down 40% in premarket trading.

SAN DIEGO , Jan. 17, 2024 /PRNewswire/ -- TuSimple (Nasdaq: TSP) (the "Company") today announced its decision to voluntarily delist the Company's common stock from The Nasdaq Stock Market LLC ("Nasdaq") and to terminate the registration of its common stock with the Securities and Exchange Commission (the "SEC"). The decision to delist and deregister was made by a Special Committee (the "Special Committee") of the Board of Directors (the "Board") of the Company, comprised solely of independent directors.

Ten of TuSimple's autonomous big rigs are set to be auctioned off later this month, just a few weeks after the self-driving trucking startup that went public in 2021 announced it was exiting the U.S. market.

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Autonomous trucking company TuSimple is laying off most of its U.S. staff and winding down its operations in the country. The company is reducing its U.S. workforce by about 150 employees, which is 75% of its U.S. staff and 19% of its global workforce, TuSimple said in a Monday (Dec.

Restructuring plans can be beneficial for companies and investors but three in the space of a year is never a good sign.

Autonomous-truck company TuSimple Holdings Inc. is winding down its U.S. operations and slashing its workforce following a tumultuous year.