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Name | Symbol | Market | Type |
---|---|---|---|
TuSimple Holdings Inc | NASDAQ:TSP | NASDAQ | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.25 | 0.245 | 0.2697 | 0 | 01:00:00 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
(Address of principal executive offices, including zip code) |
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading |
Name of each exchange on which registered | ||
(Nasdaq Global Select Market) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01. | Other Events. |
On June 28, 2023, TuSimple Holdings Inc. (the “Company”) announced that it is evaluating and reviewing strategic alternatives for its U.S. business with a goal of maximizing shareholder value. With the unanimous support of the Company’s Board of Directors, the Company has engaged Perella Weinberg Partners as a financial advisor to explore possible transactions for the U.S.-based portion of its business. No assurances can be given that the Company’s exploration of strategic alternatives will result in any change in strategy or a transaction.
A copy of the press release is attached to this Current Report on Form 8-K as Exhibit 99.1.
Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits
Exhibit No. |
Description | |
99.1 | Press Release issued by TuSimple Holdings Inc. on June 28, 2023 | |
104 | Cover Page Interactive Data File (formatted as Inline XBRL). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
TuSimple Holdings Inc. | ||
By: | /s/ Eric Tapia | |
Eric Tapia | ||
Chief Financial Officer |
Dated: June 28, 2023
Exhibit 99.1
TuSimple to Explore Strategic Alternatives for its U.S.-based Operations
| TuSimple is exploring strategic alternatives for the U.S. business, including a possible sale. |
| If this process results in a sale of TuSimples U.S. business, TuSimple would remain a global Level 4 autonomous driving technology company with an emphasis on operations in Asia-Pacific and other major global markets. |
SAN DIEGO, (JUNE 28, 2023) TuSimple (Nasdaq:TSP), a global autonomous driving technology company, announced today that it is evaluating strategic alternatives for its U.S. business with a goal to maximize shareholder value. With the unanimous support of the TuSimple Board of Directors, the company has engaged Perella Weinberg Partners as a financial advisor to explore possible transactions for the U.S.-based portion of its business.
Since its establishment in 2015, TuSimple has built strong and distinct businesses both in the U.S., and in the Asia-Pacific region. These businesses operate with stand-alone engineering teams, software code base, and infrastructure. If a transaction involving the U.S.-based business occurs, TuSimple will continue to be a global Level 4 autonomous driving technology company with greater emphasis on Asia-Pacific and other major global markets.
TuSimples U.S. business has built a track record of achieving industry firsts, including the first in the world to successfully complete multiple fully driver-out operations on open public roads. At the core of TuSimples technology is its full-stack onboard autonomous driving software with industry leading capabilities across perception, planning, and control, and its world-class offboard toolchain, simulation platform, and data infrastructure to power the rapid development and validation of its technology. Coupled with its testing operations, hardware integration experience, and proprietary autonomous domain controller, TuSimple aims to be the first to commercially launch continuous, cost-competitive autonomous freight operations. TuSimples core intellectual property is protected by one of the largest organically developed patent portfolios in the self-driving industry.
No assurances can be given that TuSimples exploration of strategic alternatives will result in any change in strategy or a transaction. The decision to explore strategic alternatives for the U.S. business was guided by the companys review of multiple business factors and commercial opportunities. The company does not plan to make further public comment regarding these matters until the Board of Directors has approved a specific transaction or other alternative or otherwise concluded its review of strategic alternatives.
About TuSimple
TuSimple is a global autonomous driving technology company headquartered in San Diego, California, with operations in the United States and Asia. Founded in 2015, TuSimple is developing a commercial-ready, fully autonomous (SAE Level 4) driving solution for long-haul heavy-duty trucks. TuSimple aims to transform the $4 trillion global truck freight industry through the companys leading AI technology, which makes it possible for trucks to drive safely autonomously, operate nearly continuously, and reduce fuel consumption by 10%+ relative to manually driven trucks. Global achievements include the worlds first fully autonomous, driver-out semi-truck run on open public roads in the U.S. and China, and development of the worlds first Autonomous Freight Network (AFN). Visit us at www.tusimple.com.
Forward-Looking Statements
This press release contains forward-looking statements. These statements are based on current expectations as of the date of this press release and involve a number of risks and uncertainties, which may cause results to differ materially from those indicated by these forward-looking statements. Many important factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to, the Companys plan to seek strategic alternatives for its U.S. business, autonomous driving being an emerging technology, the development of the Companys technologies and products, the Companys limited operating history in a new market, the regulations governing autonomous vehicles, changes in the Companys board of directors and senior management, the Companys dependence on its senior management team, reliance on third-party suppliers, potential product liability or warranty claims, the protection of the Companys intellectual property, securities class action litigation, the Companys ability to regain compliance with Nasdaq listing standards, and government or regulatory policies, inquiries and actions. Moreover, the Company operates in a competitive and rapidly changing environment, and new risks may emerge from time to time. The foregoing list of factors is not exhaustive.
You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption Risk Factors in our most recent annual report on Form 10-K, filed with the SEC on February 24, 2022, and the Companys other filings with the SEC. These SEC filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. We do not give any assurance that we will achieve our expectations.
SOURCE TuSimple Holdings, Inc.
TuSimple Investor Relations
Ryan Amerman - ryan.amerman@tusimple.ai
TuSimple Media Relations
pr@tusimple.ai
###
Document and Entity Information |
Jun. 27, 2023 |
---|---|
Cover [Abstract] | |
Amendment Flag | false |
Entity Central Index Key | 0001823593 |
Document Type | 8-K |
Document Period End Date | Jun. 27, 2023 |
Entity Registrant Name | TuSimple Holdings Inc. |
Entity Incorporation State Country Code | DE |
Entity File Number | 001-40326 |
Entity Tax Identification Number | 86-2341575 |
Entity Address, Address Line One | 9191 Towne Centre Drive |
Entity Address, Address Line Two | Suite 600 |
Entity Address, City or Town | San Diego |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 92122 |
City Area Code | (619) |
Local Phone Number | 916-3144 |
Written Communications | false |
Soliciting Material | false |
Pre Commencement Tender Offer | false |
Pre Commencement Issuer Tender Offer | false |
Security 12b Title | Class A Common Stock, par value $0.0001 per share |
Trading Symbol | TSP |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
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