TuSimple announces intention to delist from Nasdaq

TuSimple announced its decision to voluntarily delist the Company’s common stock from The Nasdaq Stock Market and to terminate the registration of its common stock with the SEC. The decision to delist and deregister was made by a Special Committee of the Board of Directors of the Company, comprised solely of independent directors. The Company intends to file a Form 25 with the SEC to remove its Common Stock from listing on Nasdaq and to deregister its Common Stock under Section 12 of the Securities Exchange Act of 1934, as amended, on or about January 29, and as a result, the Company expects that the last trading day of its Common Stock on Nasdaq will be on or about February 7. In making its determination, the Special Committee concluded that delisting and deregistering is in the best interests of the Company and its stockholders. Since TuSimple’s initial public offering in 2021, there has been a significant shift in capital markets, due in part to rising interest rates and quantitative tightening, that has changed investor sentiment for pre-commercialization technology growth companies. The Company’s valuation and liquidity have declined, while the Company’s stock price volatility has increased significantly. Accordingly, the Special Committee determined that the benefits of remaining a publicly traded company no longer justify the costs.