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Chinese autonomous hauling startup TuSimple willdelist itself from the Nasdaq strain exchangeas it moves forward with its plan to to the full exit the U.S. grocery .
The party announce Wednesday that it will file what ’s make love as a conformation 25 on ( or around ) January 29 to deregister its breed , and expect the shares to trade until about February 7 .
TuSimple say it is choosing to take itself off the stock telephone exchange for a few reasons . A special committee made up of main director said the company ’s “ valuation and liquid state have refuse ” while the volatility of its caudex Mary Leontyne Price “ has increase significantly , ” and that the “ benefits of stay a publicly sell party no longer justify the price . ” The company pass away public in 2021 with a valuation of more than $ 8 billion , but is now worth nigher to $ 70 million . Its part are worth around 30 cent after once trade in as gamy as $ 62.58 .
The committee also said that “ [ s]ince TuSimple ’s initial public oblation in 2021 , there has been a significant shift in capital markets , due in part to rising interestingness charge per unit and quantitative tightening , that has change investor view for pre - commercialization technology growth companies ” — a statement that ’s as lawful as it is dry .
These are all sensible , unsurprising explanations , though they undercut what happen at the companionship over the last two years . Before going public in 2021 , the Committee on Foreign Investment in the United States select a close lookat TuSimple and its Chinese shareholders . The inauguration wound up being investigated by the FBI and the Securities and Exchange Commission , in part because of conscientious objector - founder Mo Chen’sconnection to another Chinese trucking startup , Hydron . The board then push out TuSimple conscientious objector - founder Xiaodi Hou in late 2022 while the inauguration was under investigation .
Since then , the company bear on to sputter . It whip headcount and waffled on its strategy , andnarrowly avoided a forced delist last May . The company ultimately decide late last year to exit the U.S. market exclusively and focalize on China . Some of its motortruck in the U.S. are nowgoing up for auction sale , along with a crew of other equipment , like the lidar sensors it bribe from Hesai and Aeva .
This chronicle has been updated to reflect that the board fired Xiaodi Hou .
