Brief: Tusimple Holdings Announces Restructuring Of U.S. Operations And Provides Update On Asia Pacific Business

CreateAl Holdings

18/05/2023 13:09

TuSimple Holdings Inc  TSP.O :
    * TUSIMPLE HOLDINGS ANNOUNCES RESTRUCTURING OF U.S.
OPERATIONS AND
PROVIDES UPDATE ON ASIA PACIFIC BUSINESS
    * TUSIMPLE HOLDINGS INC - REORGANIZATION OF U.S. OPERATIONS
AND A
REDUCTION IN FORCE TO FOCUS DEVELOPMENT EFFORTS
    * TUSIMPLE HOLDINGS INC - NO LONGER SEEKING STRATEGIC
ALTERNATIVES
FOR ASIA PACIFIC BUSINESS
    * TUSIMPLE HOLDINGS INC - REORGANIZING INCLUDES AN
APPROXIMATELY
30% REDUCTION TO TUSIMPLE'S GLOBAL WORKFORCE.
    * TUSIMPLE HOLDINGS INC - REDUCTION IN WORKFORCE WILL ONLY
IMPACT
TUSIMPLE LOCATIONS WITHIN U.S
    * TUSIMPLE HOLDINGS INC - REDUCTION IN WORKFORCE WILL ONLY
IMPACT
TUSIMPLE LOCATIONS WITHIN U.S
    * TUSIMPLE HOLDINGS INC - INTENDS TO CONTINUE TO DEVELOP
LEVEL 4
COMMERCIAL AUTONOMOUS FREIGHT OPPORTUNITIES IN MULTIPLE ASIA
PACIFIC MARKETS
    * TUSIMPLE HOLDINGS INC - RESTRUCTURING OF U.S. OPERATIONS
IS
EXPECTED TO LEAD TO ABOUT $12 MILLION TO $13 MILLION IN ONE-TIME
CHARGES
    * TUSIMPLE: BELIEVES IT IS IN BEST INTEREST OF SHAREHOLDERS
TO
CONTINUE OWNING, OPERATING ASIA PACIFIC UNITS AND IS NO LONGER
EXPLORING A TRANSACTION
    * TUSIMPLE HOLDINGS - POST-RESTRUCTURING, WILL CONTINUE TO
RETAIN
KEY LEVEL 4 TECHNOLOGY DEVELOPMENT CAPABILITIES
    * TUSIMPLE HOLDINGS - POST-RESTRUCTURING, WILL REMAIN
FOCUSED ON
ENABLING AUTONOMOUS FREIGHT TRANSPORTATION
    * TUSIMPLE HOLDINGS INC -  RESTRUCTURING OF U.S. OPERATIONS
EXPECTED ANNUAL CASH COMPENSATION EXPENSE SAVINGS OF ABOUT $64
MILLION TO $68 MILLION

Source text for Eikon:  ID:nPnbG825Ya 
Further company coverage:  TSP.O