Brief: Tusimple Holdings Announces Restructuring With Focus On Investing In Research And Development

CreateAl Holdings

21/12/2022 21:18

Dec 21 (Reuters) - TuSimple Holdings Inc  TSP.O :
    * TUSIMPLE ANNOUNCES RESTRUCTURING WITH A FOCUS ON INVESTING
IN
RESEARCH AND DEVELOPMENT TO ADVANCE AUTONOMOUS TRUCKING
TECHNOLOGY
    * TUSIMPLE HOLDINGS INC - RESTRUCTURING IMPACTS
APPROXIMATELY 350
EMPLOYEES, OR 25% OF TUSIMPLE'S WORKFORCE
    * TUSIMPLE HOLDINGS- ONE-TIME RESTRUCTURING CHARGE OF
APPROXIMATELY $10 MILLION TO $11 MILLION, WITH MAJORITY
RECOGNIZED IN Q4 OF 2022 AND PAID IN Q1 OF 2023
    * TUSIMPLE HOLDINGS INC - COMPENSATION RELATED RESTRUCTURING
SAVINGS EXPECTED TO BE $55 MILLION TO $65 MILLION ON AN ANNUAL
BASIS
    * TUSIMPLE HOLDINGS INC - MAJORITY OF RESTRUCTURING IS IN
COMPANY'S U.S. OPERATIONS
    * TUSIMPLE HOLDINGS INC - CO CONTINUES ITS PLAN TO EXPLORE
STRATEGIC ALTERNATIVES FOR ITS ASIA BUSINESS, INCLUDING A
DIVESTITURE

Source text for Eikon:  ID:nPn93rYs5a 
Further company coverage:  TSP.O 
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