TuSimple Holdings Inc. (TSPH): M&A transaction — Mo Chen gains control of TuSimple with ~59% voting power; interim CEO removed, four directors ousted

TuSimple Holdings Inc.

Mo Chen received irrevocable proxy and voting agreement from White Marble entities, now controls ~59% voting power.
Ersin Yumer removed as interim CEO; separation agreement provides $340,800 lump sum, COBRA, and equity vesting.
Four directors—Brad Buss, Karen Francis, Michelle Sterling, Reed Werner—removed via stockholder written consent.
Company qualifies as 'controlled company' under Nasdaq, may elect exemptions from independent director requirements.

item 5.01 item 5.02 item 5.07 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Departed (interim)

Ersin Yumer

interim Chief Executive Officer and President

TSPH · TuSimple Holdings Inc.

Effective: 2022-11-25
Filed: November 16, 2022, 6:59 PM ET

the Company’s board of directors on November 10, 2022 removed Ersin Yumer as interim Chief Executive Officer and President of the Company.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Ersin Yumer was removed as interim Chief Executive Officer and President at TuSimple Holdings Inc..

Action: removed
Role: interim Chief Executive Officer and President

Exact text from the filing

the Company’s board of directors on November 10, 2022 removed Ersin Yumer as interim Chief Executive Officer and President of the Company.

View on SEC.gov

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

TuSimple Holdings Inc. underwent a change of control involving Mr. Mo Chen for no monetary consideration (closed 2022-11-09).

Action: change of control
Counterparty: Mr. Mo Chen
Consideration: no monetary consideration
Closing: 2022-11-09

Exact text from the filing

As a result, under the SEC's rules with respect to the beneficial ownership of securities, Mr. Chen acquired control of the Company as of November 9, 2022.

View on SEC.gov

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TuSimple Holdings Inc. filing history →

Source: SEC EDGAR

accession 0001193125-22-286181

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