TuSimple Announces Restructuring Of U.S. Operations

(RTTNews) - TuSimple (TSP) announced a restructuring plan for its U.S. operations. This includes an approximately 30% reduction to global workforce, which will only impact TuSimple locations within the U.S. The restructuring is anticipated to lead to approximately $12 million to $13 million in one-time charges.

TuSimple stated that it is no longer seeking strategic alternatives for its Asia Pacific subsidiaries. The company plans to continue to develop Level 4 commercial autonomous freight opportunities in multiple Asia Pacific markets.

Also, TuSimple has determined that it is unable to file its quarterly report on Form 10-Q for the fiscal quarter ended March 31, 2023 by the prescribed due date. On May 12, 2023, TuSimple received a notice from Nasdaq indicating that, the company is not in compliance with Nasdaq Listing Rule.