Extracted from this filing and checked against the source text.
Restructurings & Charges
SEC 8-K Item 2.05/2.06
confidence 0.95
TuSimple Holdings Inc. announced a restructuring with charges of one-time charges of approximately $7 million to $8 million in connection with the Restructuring Plan, consisting primarily of cash expenditures for employee tra affecting U.S. operations (reduction in the Company's U.S. workforce by approximately 150 employees, or 75% and 19% of the Company's U.S. and globa).
- Type
- restructuring
- Charge
- one-time charges of approximately $7 million to $8 million in connection with the Restructuring Plan, consisting primarily of cash expenditures for employee tra
- Affected area
- U.S. operations
- Headcount
- reduction in the Company's U.S. workforce by approximately 150 employees, or 75% and 19% of the Company's U.S. and globa
Exact text from the filing
On November 30, 2023, the Company’s Board of Directors (the “Board”) authorized an additional restructuring plan (the “Restructuring Plan”), which includes a reduction in the Company’s U.S. workforce by approximately 150 employees, or 75% and 19% of the Company’s U.S. and global workforces, respectively. Following the workforce reduction pursuant to the Restructuring Plan, the Company’s global full-time employees (“FTEs”) are expected to be approximately 700 FTEs. The Company anticipates that the remaining U.S. workforce will focus on winding down the Company’s U.S. operations, including through sales of U.S. assets, and assisting with the Company’s strategic shift to the Asia-Pacific region. The Company currently estimates that it will incur one-time charges of approximately $7 million to $8 million in connection with the Restructuring Plan, consisting primarily of cash expenditures for employee transition, notice period and severance payments, employee benefits, and related costs.
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