TuSimple Receives Expected Notice from Nasdaq Related to Delayed Filing of Quarterly Report on Form 10-Q

Rhea-AI Summary

TuSimple (Nasdaq: TSP) has announced that it is unable to file its Quarterly Report on Form 10-Q by the prescribed due date due to the engagement of a new independent registered public accounting firm. As a result, the company is not in compliance with Nasdaq Listing Rule 5250(c)(1) and may face delisting from Nasdaq.

Positive

• TuSimple is taking the necessary steps to address the filing delay by engaging a new independent registered public accounting firm.

Negative

• The company's failure to file the Form 10-Q on time may result in delisting from Nasdaq.

SAN DIEGO, May 18, 2023 /PRNewswire/ -- TuSimple (Nasdaq: TSP) today announced that as previously disclosed in the TuSimple Holdings Inc. (the "Company") Notification of Late Filing on Form 12b-25, filed with the Securities and Exchange Commission ("SEC") on May 11, 2023, the Company has determined that it is unable, without unreasonable effort or expense, to file its Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2023 (the "Form 10-Q") by the prescribed due date because the Company requires additional time to finalize the Form 10-Q in light of the Company's recent engagement of a new independent registered public accounting firm for the fiscal year ending December 31, 2022, as previously disclosed in the Company's Current Report on Form 8-K filed with the SEC on the same date.

On May 12, 2023, the Company received a notice (the "Notice") from The Nasdaq Stock Market LLC ("Nasdaq") indicating that, as a result of not having timely filed the Form 10-Q with the SEC, the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1), which requires timely filing of all required periodic financial reports with the SEC.

The Notice indicated that this serves as an additional basis for delisting the Company's securities from Nasdaq and that the Company should present its views with respect to this additional delinquency to the Nasdaq at its hearing before the Nasdaq Hearings Panel (the "Hearings Panel"), which the Company intends to do. Nasdaq has informed the Company that its hearing before the Hearings Panel is scheduled for June 22, 2023.

About TuSimple

TuSimple is a global autonomous driving technology company headquartered in San Diego, California, with operations in the United States and Asia. Founded in 2015, TuSimple is developing a commercial-ready, fully autonomous (SAE Level 4) driving solution for long-haul heavy-duty trucks. TuSimple aims to transform the $4 trillion global truck freight industry through the company's leading AI technology, which makes it possible for trucks to see 1,000 meters away, operate nearly continuously, and reduce fuel consumption by 10%+ relative to manually driven trucks. Visit us at www.tusimple.com.

Forward-Looking Statements

This press release contains forward-looking statements, including statements regarding the Company's ability to remain listed on Nasdaq. These statements are based on current expectations as of the date of this press release and involve a number of risks and uncertainties, which may cause results to differ materially from those indicated by these forward-looking statements. Many important factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to those related to the new independent registered public accounting firm's ability to complete its reviews and audit on the timeline anticipated, the Company's ability to complete the Form 10-Q and Form 10-K within the anticipated time period, the Company's ability to regain compliance with Nasdaq listing standards, the Company's restructuring plan including potential cost-savings, autonomous driving being an emerging technology, the development of the Company's technologies and products, the Company's limited operating history in a new market, the regulations governing autonomous vehicles, changes in the Company's board of directors and senior management, the Company's dependence on its senior management team, reliance on third-party suppliers, potential product liability or warranty claims, the protection of the Company's intellectual property, securities class action litigation, strategic alternatives for the Company's Asia business, and government or regulatory policies, inquiries and actions. Moreover, the Company operates in a competitive and rapidly changing environment, and new risks may emerge from time to time. The foregoing list of factors is not exhaustive.

You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption "Risk Factors" in our most recent annual report on Form 10-K, filed with the SEC on February 24, 2022, and the Company's other filings with the SEC. These SEC filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. We do not give any assurance that we will achieve our expectations.

Media Contact

TuSimple PR Team, pr@tusimple.ai

Investor Relations Contact

Ryan Amerman, ryan.amerman@tusimple.ai

 

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SOURCE TuSimple Holdings, Inc.

FAQ

Why is TuSimple unable to file its Form 10-Q on time?

TuSimple is unable to file its Form 10-Q on time due to the engagement of a new independent registered public accounting firm.

What are the consequences of not filing the Form 10-Q on time?

The consequences of not filing the Form 10-Q on time include non-compliance with Nasdaq Listing Rule 5250(c)(1) and the possibility of delisting from Nasdaq.

What steps is TuSimple taking to address the filing delay?

TuSimple is addressing the filing delay by engaging a new independent registered public accounting firm.

When is TuSimple's hearing before the Nasdaq Hearings Panel?

TuSimple's hearing before the Nasdaq Hearings Panel is scheduled for June 22, 2023.