Caixin
Nov 24, 2022 07:10 PM
TECH

TuSimple Tells SEC It Can’t Report Earnings on Time

What’s new: Nasdaq-listed self-driving truck startup TuSimple Holdings Inc. has said it can’t submit its third-quarter financial results on time due to the recent shake-up of its board and management.

The Chinese company made the announcement in a filing Monday to the U.S. Securities and Exchange Commission (SEC). The announcement came in response to a Nov. 17 notice that it had until Jan. 16 to disclose its earnings or would be in violation of Nasdaq’s listing rules.

In the filing, TuSimple said that it plans to file the financial report as soon as possible, but cannot provide a specific timetable.

What’s the background: On Nov. 10, TuSimple announced it had ousted its interim CEO Ersin Yumer and removed four independent directors from its board in a move that consolidated control under co-founders Chen Mo and Hou Xiaodi. Hou was the sole director to remain on the board after the shake-up.

The leadership reshuffle came as a result of Chen, who established TuSimple with Hou in 2015, gaining control of 59% of the company’s voting power.

Contact reporter Ding Yi (yiding@caixin.com) and editor Michael Bellart (michaelbellart@caixin.com)

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