TuSimple falls after co holds on strategic alternatives for APAC business

CreateAl Holdings

18/05/2023 13:41

**  Shares of autonomous driving technology company TuSimple
Holdings Inc  TSP.O  down 8.59% at $1.17 in premarket trade
    ** Says it is no longer seeking strategic alternatives for
its Asia Pacific business
    ** intends to continue to develop Level 4 commercial
autonomous freight opportunities in multiple APAC markets
    ** Also announces restructuring of U.S. operations to focus
on co's Level 4 autonomous technology
    ** Reduces global workforce by about 30%, reduction to only
impact locations within U.S.
    ** Expects to incur one-time charges of about $12 mln to $13
mln due to restructuring
    ** On May 11, received a delisting notice from Nasdaq for
failing to file its quarterly report on time
    ** Seven of 11 brokerages rate the stock "hold" and 4 "sell"
or lower; their median PT is $3.00
    ** As of last close, stock was down 21.95% YTD

 (Reporting By Akshita Toshniwal in Bengaluru)
 ((Akshita.Toshniwal@thomsonreuters.com))