FAST NEWS: TuSimple faces delisting for failure to file financial reports

The latest: Autonomous truck technology company TuSimple (TSP.US) said on Thursday it was notified by the Nasdaq that it faces potential delisting for failure to file its report for the quarter ended Sept. 30, 2022 and annual report for 2022 on time.

Looking up: The company said it has hired a new independent auditor, UHY LLP, indicating it is making efforts to complete the missing financial reports and file them to return to compliance with Nasdaq listing rules.

Take Note: The notice states the company’s shares could be suspended on May 15 unless it appeals the decision. The company said it is planning to appeal and is requesting any suspension of its shares be postponed until the hearing.

Digging Deeper: TuSimple is an autonomous driving company founded in 2015. Last year, it said it completed the world’s first fully unmanned test of a semi truck on the open road, with the goal of bringing the technology into mass production by 2024. But the company was thrown into turmoil at the end of last October when its co-founder, chairman and CTO was abruptly fired for failing to disclose dealings he had with another self-driving truck company. Two weeks later, the fired chairman, along with another co-founder, fired the company’s entire board of directors and interim CEO.

Market Reaction: TuSimple’s shares plunged 29.2% to close at $0.80 in Thursday trade in New York after the announcement, hitting an all-time low.

Translation by Jony Ho

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