Highest-materiality recent filing
TuSimple voluntarily delists from Nasdaq, files Form 25 on Jan 29
Received Nasdaq bid-price deficiency notice on Jan 24 but had already notified Nasdaq of voluntary delisting on Jan 16.
TuSimple to voluntarily delist from Nasdaq, terminate SEC registration by Feb 7, 2024
Company to file Form 25 on/about Jan 29; last trading day expected Feb 7, 2024.
TuSimple annual meeting elects all six director nominees, ratifies UHY as auditor
All six director nominees (Mo Chen, Cheng Lu, James Lu, Michael Mosier, J. Taylor McGaughey, Zhen Tao) elected with high vote percentages.
TuSimple cuts 75% of US workforce (~150), winds down US ops
Board authorized restructuring on Nov 30, 2023; US workforce reduced by ~150 employees (75% of US, 19% global).
TuSimple director Wendy Hayes will not stand for re-election at Dec 13 annual meeting
Hayes informed board on Nov 15, 2023 she will not stand for re-election at the 2023 Annual Meeting.
TuSimple Q3 operating loss $70.6M; cash at $776.8M; autonomous fuel efficiency gains 11%
Q3 2023 loss from operations $70.6M, improved from $87.4M in Q2 2023.
TuSimple sets 2023 annual meeting for Dec 13, record date Oct 23
Annual Meeting scheduled for December 13, 2023; record date October 23, 2023.
TuSimple reports H1 2023 operating loss of $178M; holds $835.7M cash
Loss from operations of $90.6M (Q1) and $87.4M (Q2); H1 2023 AEBITDA loss $134.4M.
TuSimple reports FY2022 operating loss of $489.1M; pauses US freight ops
GAAP loss from operations of $147.3M in Q4 2022 and $489.1M for FY 2022; AEBITDA loss of $93.0M and $348.7M.
TuSimple receives expected Nasdaq notice for delayed Q2 2023 10-Q filing
Received deficiency notice for failing to timely file Quarterly Report on Form 10-Q for June 30, 2023.
TuSimple gets Nasdaq extension to Sept 30, 2023 to file delinquent reports
Nasdaq granted continued listing extension until Sept 30, 2023, subject to filing deadlines.
TuSimple explores strategic alternatives for U.S. business, including possible sale
Board unanimously supports; Perella Weinberg Partners engaged as financial advisor.
TuSimple adopts executive severance plan with change-in-control benefits for CFO Tapia
Plan adopted May 30, 2023; CFO Eric Tapia initially designated as Participant.
TuSimple cuts 30% global workforce (300 jobs); receives Nasdaq delisting notice for late 10-Q filing
Restructuring plan reduces global workforce by ~300 employees (~30%), leaving ~750 FTEs; one-time charges of $12-13M.
TuSimple receives Nasdaq delisting notice for late filings; appoints new auditor UHY
Nasdaq denied continued listing due to failure to file Q3 2022 10-Q and FY2022 10-K.
TuSimple discloses founder Hou's resignation and retaliation allegations; Board denies claims
Former director and founder Hou resigned March 9, citing disagreement with shift from L4 to L2+ autonomy and opposition to CEO pay while laying off employees.
TuSimple reports ~$1B cash, $55-65M cost savings; appoints two independent directors
Cash and short-term investments of ~$1B as of Dec 31, 2022 (unaudited).
TuSimple director Xiaodi Hou resigns amid internal investigation into employee poaching claims
Dr. Xiaodi Hou resigned from TuSimple's board effective March 9, 2023.
TuSimple receives Nasdaq non-compliance notice for delayed 10-K filing; deadline May 15, 2023
Received Nasdaq notice on March 3, 2023 for failing to file Form 10-K for FY ended Dec 30, 2022.
TuSimple sets CFO compensation: $400k base, 253,537 RSUs
Eric Tapia's 2023 base salary set at $400,000; target cash incentive $200,000.
TuSimple cuts 25% workforce (~350 employees) in restructuring; expects $55-65M annual savings
Workforce reduction of 350 employees (~25% of global workforce); remaining ~1,100 FTEs with 80% in R&D.
TuSimple appoints two independent directors and permanent CFO; adds 13M shares to equity plan
Wendy Hayes and Michael Mosier appointed to board; Mosier named Government Security Director after CFIUS non-objection.
TuSimple appoints James Lu as independent director effective immediately
James Lu appointed to TuSimple Board as independent director on December 7, 2022.
KPMG resigns as TuSimple's auditor; company files KPMG's response letter
KPMG LLP resigned as TuSimple's principal independent accountant effective Nov 2022.
TuSimple affirms Q3 2022 results reported Oct 31; no new financial data
Company confirms quarterly financials for period ended Sep 30, 2022, as previously disclosed.
TuSimple receives Nasdaq delisting notice; auditor KPMG resigns
Nasdaq notice for late 10-Q filing; must file by Jan 16, 2023 or submit compliance plan.
Mo Chen gains control of TuSimple with ~59% voting power; interim CEO removed, four directors ousted
Mo Chen received irrevocable proxy and voting agreement from White Marble entities, now controls ~59% voting power.
TuSImple board overhaul: CEO replaced, four directors ousted, Nasdaq non-compliance triggered
Majority stockholders removed directors Brad Buss, Karen C. Francis, Michelle Sterling, Reed Werner on Nov 10, 2022.
TuSolar updates on CEO termination: lack of candor cited; cooperating with SEC and CFIUS
Dr. Xiaodi Hou terminated as CEO, President, CTO, and Chairman on Oct 30, 2022, due to lack of candor and transparency with the Board.
TuSimple terminates CEO Xiaodi Hou amid Audit Committee investigation; search for new CEO begins
CEO Xiaodi Hou terminated as CEO, President, CTO and Chairman effective Oct 30, 2022; interim CEO Ersin Yumer appointed.
TuSimple Q3 2022 revenue $2.7M (+49% YoY), operating loss $119.7M
Revenue $2.7M, up 49% YoY and 2% sequentially; revenue per mile down slightly.
TuSimple CLO James Mullen resigns; Susan Marsch interim GC; $500k retention bonus waived
James Mullen, Chief Legal & Administrative Officer, resigns effective Sept 30, 2022.
TuSimple Q2 revenue $2.6M (+73% YoY), operating loss $110.7M, CFO leaves, guidance updated
Revenue $2.6M (+73% YoY, +13% QoQ); cumulative road miles 8.1M (+13% QoQ).
TuSimple CFO Patrick Dillon resigns effective July 7, 2022; Eric Tapia named interim CFO
Patrick Dillon resigns as CFO to pursue other opportunities; effective July 7, 2022.
TuSimple shareholders elect five directors, ratify KPMG as auditor
All five director nominees elected with votes for ranging from 289.2M to 303.1M.
TuSimple Q1 revenue $2M (+140% YoY); operating loss $112M; Driver Out progress
Revenue of $2M, up 140% YoY and 10% sequentially; quarterly revenue miles flat at ~1.014M as resources shifted to Driver Out testing.
TuSimple appoints Reed Werner to board, Gov Security Committee; Mo Chen not seeking re-election
Reed Werner appointed to Board effective April 23, 2022, serving as Security Director under Feb 2022 NSA and chair of new Government Security Committee.
TuSimple board to explore subsidiary-level transaction for Asia-Pacific business
Board intends to explore transactions or partnerships for its Asia-Pacific-focused businesses.
TuSimple CEO Cheng Lu resigns; co-founder Xiaodi Hou named CEO and Chairman
Cheng Lu resigns as President, CEO and director effective March 3, 2022; will serve as advisor for one year at $450k annual salary.
TuSimple resolves CFIUS review with NSA; Chao, Zhang exit board; Sun Dream restricted
CFIUS concluded 2017 acquisition review; no unresolved national security concerns.
Completed world's first fully driverless semi-truck runs on open public roads (7 runs, 550+ miles, no human onboard).
TuSimple Q3 revenue $1.8M, net loss $116M; Driver-Out pilot on track for year end
Revenue $1.8M, up ~3x YoY; net loss from operations $116M; Adjusted EBITDA loss $81M.
TuSimple appoints Michelle Sterling to Board of Directors as independent director
Board expanded from 7 to 8 directors; Sterling appointed to fill new vacancy effective Oct 18, 2021.
CFIUS initiates 45-day investigation into TuSimple's 2017 acquisition by Cayman entity
CFIUS began a 45-day investigation period for the 2017 acquisition of TuSimple LLC by TuSimple (Cayman) Limited.
TuSimple Q2 rev $1.5M, CFIUS re-characterizes transaction under review
Q2 revenue $1.5M (+5x YoY, +57% QoQ); net loss from ops $121M; adjusted EBITDA -$66M.
On November 15, 2023, Wendy Hayes informed the Board of Directors (the “Board”) of TuSimple Holdings Inc. (the “Company”) that she will not stand for re-election to the Board at the Company’s 2023 Annual Meeting of Stockholders to be held on December 13, 2023 (the “2023 Annual Meeting”).
On March 13, 2023, the board of directors (the “Board”) of the Company appointed J. Tyler McGaughey and Zhen Tao to the Board, effective immediately.
On March 13, 2023, the board of directors (the “Board”) of the Company appointed J. Tyler McGaughey and Zhen Tao to the Board, effective immediately.
On March 9, 2023, Dr. Xiaodi Hou notified TuSimple Holdings Inc. (the “Company”) that he was resigning from the Company’s board of directors, effective immediately.
On December 15, 2022, the board of directors (the “Board”) of TuSimple Holdings Inc. (the “Company”) appointed Wendy Hayes and Michael Mosier to the Board, effective immediately.
On December 15, 2022, the board of directors (the “Board”) of TuSimple Holdings Inc. (the “Company”) appointed Wendy Hayes and Michael Mosier to the Board, effective immediately.
On December 7, 2022, the board of directors (the “Board”) of TuSimple Holdings Inc. (the “Company”), appointed James Lu to the Board, effective immediately.
the Company’s board of directors on November 10, 2022 removed Ersin Yumer as interim Chief Executive Officer and President of the Company.
consented to the removal of Brad Buss, Karen C. Francis, Michelle Sterling and Reed Werner from the Company’s board of directors.
removed Ersin Yumer as interim Chief Executive Officer and President of the Company
consented to the removal of Brad Buss, Karen C. Francis, Michelle Sterling and Reed Werner from the Company’s board of directors.
consented to the removal of Brad Buss, Karen C. Francis, Michelle Sterling and Reed Werner from the Company’s board of directors.
Max materiality 0.90 · Median 0.70 · Most common event other_material