- The notice is part of the compliance plan previously approved
by Nasdaq.
- TuSimple intends to file the other delayed reports on or before
the compliance date.
SAN
DIEGO, Aug. 18, 2023 /PRNewswire/ -- TuSimple
(Nasdaq: TSP) today announced that on Aug.
17, 2023, TuSimple Holdings Inc. (the "Company") received a
notice (the "Notice") from The Nasdaq Stock Market LLC ("Nasdaq")
indicating that, as a result of the Company not having timely filed
its Quarterly Report on Form 10-Q for the period ended June 30, 2023 (the "Form 10-Q"), the Company is
not in compliance with Nasdaq Listing Rule 5250(c)(1) (the "Listing
Rule"). The Notice indicated that the Company should present its
views with respect to this additional deficiency to the Nasdaq
Hearings Panel (the "Panel"), which the Company intends to do. The
Company expected the Notice, and in June 2023, the Company
disclosed to the Panel its plans to file the Form 10-Q by the
agreed upon Compliance Date, as described below.
As previously disclosed in the Company's Current Report on Form
8-K filed with the SEC on July 10,
2023, the Company received a notice dated July 6, 2023 from Nasdaq indicating that, based
on the plan of compliance presented by the Company at its hearing
before the Panel on June 22, 2023,
the Panel granted the Company's request for continued listing on
Nasdaq. The Panel granted the Company an extension until
Sept. 30, 2023 (the "Compliance
Date") to file with the SEC its Quarterly Report on Form 10-Q for
the fiscal quarter ended Sept. 30,
2022, its Annual Report on Form 10-K for the fiscal year
ended Dec. 31, 2022, its Quarterly
Report on Form 10-Q for the fiscal quarter ended March 31, 2023 and its Quarterly Report on Form
10-Q for the fiscal quarter ended June 30,
2023 (the "Delayed Reports"), subject to specified deadlines
for each Delayed Report.
On July 17, 2023, the Company
filed with the SEC its Quarterly Report on Form 10-Q for the fiscal
quarter ended Sept. 30, 2022. The
Company intends to file the other Delayed Reports as soon as
practicable and on or before the Compliance Date.
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. Global
achievements include the world's first fully autonomous,
'driver-out' semi-truck run on open public roads in the U.S. and
China, and development of the
world's first Autonomous Freight Network (AFN). Visit us at
www.tusimple.com.
Forward-Looking Statements
This press release contains forward-looking statements,
including statements regarding the Company's expected financial
results. These statements are based on current expectations as of
the date of this report 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 report, including but not
limited to those related to the Company's ability to complete the
Delayed Reports 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, the Company's reliance on third-party suppliers,
the Company's potential product liability or warranty claims, the
protection of the Company's intellectual property, the Company's
involvement in securities class action litigation and in government
or regulatory investigations, inquiries and actions, and the
Company's plan to seek strategic alternatives for its U.S.
business. 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 Quarterly Report on Form 10-Q for the fiscal
quarter ended September 30, 2022,
filed with the SEC on July 17, 2023,
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.