Self-driving truck startup TuSimple receives delisting notice from Nasdaq

May 11, 2023 6:15 pm

Autonomous truck company TuSimple said on Thursday it had received a delisting warning from the Nasdaq for falling to submit its quarterly report on time.

The exchange plans to halt trading in the shares of TuSimple on May 15 if it doesn't appeal, the company said.

In late October, TuSimple released its most recent quarterly report for the period ending September 30. It claimed in March that it had missed the deadline for submitting its annual report for 2022 because it needed additional time to find and hire new main accountants.

On Thursday, the business announced that UHY had been chosen as its new independent registered public accounting firm until 2022.

In December, 2022, TuSimple announced it would layoff 25% of its workforce, or nearly 350 employees. The layoffs came after it removed CEO Xiaodi Hou in October because of Hou’s misbehavior.

According to the investigation, some workers worked for Hydron Inc., a business that develops autonomous vehicles mostly in China, for pay throughout the previous year.

Founded in 2015, TuSimple specializes in developing autonomous driving technology long-haul heavy-duty trucks. The company headquartered in San Diego, California, with offices in Arizona, Europe, and Asia.