TuSimple slides as co announces plan to delist stock

CreateAl Holdings

17/01/2024 13:16

** Shares of autonomous vehicle technology company TuSimple
Holdings  TSP.O  slump ~35% to $0.46 premarket
    ** TSP says it will delist from Nasdaq after a Special
Committee concluded delisting and deregistering the stock is in
the best interests of TSP and its stockholders
    ** TuSimple went public in April 2021 at $40 per share, at a
market capitalization of about $8.5 billion
    ** "Since TuSimple's initial public offering in 2021, there
has been a significant shift in capital markets, due in part to
rising interest rates and quantitative tightening, that has
changed investor sentiment for pre-commercialization technology
growth companies" - TuSimple
    ** TSP also expects to file a Form 15 with the SEC on or
about Feb. 8, 2024 to delist, co added
    ** TSP has fallen 98.2% since going public and dropped 46.5%
in 2023

 (Reporting by Akash Sriram in Bengaluru)
 ((Akash.Sriram@thomsonreuters.com; https://twitter.com/hoodieonveshti;))