TuSimple Faces Risk of Delisting From Nasdaq

Sun_Huixia

Sun_Huix...

· 2022.11.24 22:49

TuSimple acknolwdged a delisting risk, as the company is not compliant with the Nasdaq’s disclosure requirements.

Image source: China Visual

Image source: China Visual

Beijing, November 24 (TMTPOST) — TuSimple (NASDAQ: TSP), a California-based autonomous trucking company, announced that it was unable to file  its quarterly report for the fiscal quarter ended September 30, 2022 by the original deadline of November 15 .

On November 17, TuSimple received a notice from the Nasdaq Stock Market which indicated that the company could regain compliance with the Listing Rule at any time before January 16, 2023  by filing the delayed file. If the company fails to catch up with the deadline again, it may submit a plan prior to the deadline to avoid the delisting as Nasdaq might grant an extension of 180 calendar days to May 15, 2023 for the company to regain compliance.

While the company was unable  to give a specific timeline for filing the report, it planned to file the 10-Q report as soon as practicably possible in order to regain compliance with the Listing Rule.

Following such statement, the Klein Law Firm announced on November 22 that a class action complaint  against TuSimple for the allegedly violating federal secutiries laws has been filed on behalf the company’s shareholders. In the meantime, KPMG LLP, one of the Big Four accounting organizations, resigned  as the company's principal accountant.

The company’s stock price fell by another 4.44  percent to $2.15 per share on November 22, after dipping by 7.02 percent the day before.

Such incidents came after the recent boardroom shakeup . The company fired its chief executive officer Hou Xiaodi in October over allegedly improper ties to a Chinese startup, including  improper dealings and possible sharing of technology secrets.  In early November , the company brought back former chief executive Lv Cheng and former chairman of the board Chen Mo and Hou.

Headquartered in California, the United States, TuSimple also has operations in Europe  and China. It was founded in 2015 by Hou and Chen to develop  autonomous driving solutions (SAE Level 4) for long-haul heavy-duty trucks.  

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