SAN
DIEGO, May 18, 2023 /PRNewswire/ -- TuSimple
(Nasdaq: TSP) today announced that as previously disclosed in the
TuSimple Holdings Inc. (the "Company") Notification of Late Filing
on Form 12b-25, filed with the Securities and Exchange Commission
("SEC") on May 11, 2023, the Company
has determined that it is unable, without unreasonable effort or
expense, to file its Quarterly Report on Form 10-Q for the fiscal
quarter ended March 31, 2023 (the
"Form 10-Q") by the prescribed due date because the Company
requires additional time to finalize the Form 10-Q in light of the
Company's recent engagement of a new independent registered public
accounting firm for the fiscal year ending December 31, 2022, as previously disclosed in the
Company's Current Report on Form 8-K filed with the SEC on the same
date.
On May 12, 2023, the Company
received a notice (the "Notice") from The Nasdaq Stock Market LLC
("Nasdaq") indicating that, as a result of not having timely filed
the Form 10-Q with the SEC, the Company is not in compliance with
Nasdaq Listing Rule 5250(c)(1), which requires timely filing of all
required periodic financial reports with the SEC.
The Notice indicated that this serves as an additional basis for
delisting the Company's securities from Nasdaq and that the Company
should present its views with respect to this additional
delinquency to the Nasdaq at its hearing before the Nasdaq Hearings
Panel (the "Hearings Panel"), which the Company intends to do.
Nasdaq has informed the Company that its hearing before the
Hearings Panel is scheduled for June 22,
2023.
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 company's
leading AI technology, which makes it possible for trucks to see
1,000 meters away, operate nearly continuously, and reduce fuel
consumption by 10%+ relative to manually driven trucks. Visit us at
www.tusimple.com.
Forward-Looking Statements
This press release contains forward-looking statements,
including statements regarding the Company's ability to remain
listed on Nasdaq. 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 those related to the
new independent registered public accounting firm's ability to
complete its reviews and audit on the timeline anticipated, the
Company's ability to complete the Form 10-Q and Form 10-K within
the anticipated time period, the Company's ability to regain
compliance with Nasdaq listing standards, the Company's
restructuring plan including potential cost-savings, autonomous
driving being an emerging technology, the development of the
Company's technologies and products, the Company's limited
operating history in a new market, the regulations governing
autonomous vehicles, changes in the Company's board of directors
and senior management, the Company's dependence on its senior
management team, reliance on third-party suppliers, potential
product liability or warranty claims, the protection of the
Company's intellectual property, securities class action
litigation, strategic alternatives for the Company's Asia business, 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
Company's 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.
Media Contact
TuSimple PR Team, pr@tusimple.ai
Investor Relations Contact
Ryan Amerman,
ryan.amerman@tusimple.ai
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SOURCE TuSimple Holdings, Inc.