TuSimple Holdings Inc. (TSPH): Nasdaq/NYSE listing notice — TuSimple cuts 30% global workforce (300 jobs); receives Nasdaq delisting notice for late 10-Q filing

TuSimple Holdings Inc.

Restructuring plan reduces global workforce by ~300 employees (~30%), leaving ~750 FTEs; one-time charges of $12-13M.
Annual cash compensation savings estimated at $64-68M from this plan; cumulative savings >$120M including Dec 2022 restructuring.
Nasdaq notified TuSimple of non-compliance for late Q1 2023 10-Q; delisting hearing scheduled for June 22, 2023.
Asia Pacific subsidiaries: no longer seeking strategic alternatives; will continue ownership; TDC expected commercial production end 2023.
Restructuring impacts only U.S. operations; new V-model organization prioritizes Level 4 autonomous tech validation.

item 3.01 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.95

TuSimple Holdings Inc. received a nasdaq deficiency notice notice regarding late filing (rules 5250(c)(1)).

Exchange: nasdaq
Notice: deficiency notice
Deficiency: late filing
Rules: 5250(c)(1)

Exact text from the filing

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

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TuSimple Holdings Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-147645

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