The troubled autonomous trucking vendor TuSimple said yesterday that its stock has been delisted from trading on the NASDAQ exchange, and that the firm intends to dispute the action.
California-based TuSimple said the May 5 decision by NASDAQ was a result of the company not having timely filed its Quarterly Report on Form 10-Q for the period ended September 30, 2022 and its Annual Report on Form 10-K for the fiscal year ended December 31, 2022. The company intends to appeal the delisting determination, but otherwise, trading of the company's common stock will be suspended at the opening of business on May 15.
In addition, TuSimple said it has named UHY LLP as the company's new independent, registered, public accounting firm for the fiscal year ended December 31, 2022.
“We believe that selecting and engaging a new independent registered public accounting firm is an important step,” TuSimple said in a release. “Now that UHY has been appointed, we expect that work on the Form 10-Q and Form 10-K will commence immediately. The Company is working expeditiously on a detailed plan to present to the Hearings Panel in an effort to regain compliance with the Listing Rule. While the Company can provide no assurance as to timing, the Company plans to file the Form 10-Q and Form 10-K as soon as practicably possible.”
The actions are the latest stumbling blocks for TuSimple, which said in 2021 that it had received 6,775 reservations for self-driving semis from major freight transportation providers including Penske, Schneider, and U.S. Xpress, and would work with Navistar to begin manufacturing them in 2024.
However, the company has since weathered accusations of transferring its technology to a Chinese company, and in 2022 released its CEO, Xiaodi Hou.