TuSimple gets Nasdaq delisting notice for failing to file quarterly report (updated)

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11/05/2023 14:56

(Adds shares in paragraph 1)
       May 11 (Reuters) - TuSimple Holdings Inc  TSP.O  said on
Thursday it had received a delisting notice from the Nasdaq for
failing to file its quarterly report on time, sending its shares
tumbling by about 20% in early trading.
    The exchange intends to suspend trading in shares of the
autonomous driving technology company on May 15 unless it files
an appeal, the company said. 
    TuSimple last reported quarterly results for the period
ended Sept. 30 in late October. It said in March that it failed
to file its 2022 annual report on time as it needed more time to
hire new principal accountants.
    The company said on Thursday it had appointed UHY as its new
independent registered public accounting firm for 2022.
    The San Diego-based company announced a restructuring in
December and cut about 350 jobs. It removed CEO Xiaodi Hou in
October following a board investigation.
    The probe revealed that some employees spent paid hours last
year working for Hydron Inc, a startup working on autonomous
trucks mostly in China.

 (Reporting by Tanya Jain and Akash Sriram in Bengaluru; Editing
by Anil D'Silva)
 ((Tanya.Jain@thomsonreuters.com;))