As it exits the U.S. market, Chinese autonomous trucking firm TuSimple will delist from Nasdaq.
The business stated Wednesday that it would submit a Form 25 to deregister its stock on January 29 and anticipate the shares trading until February 7.
TuSimple says it’s leaving the stock exchange for several reasons. A special committee of independent directors claimed the business’s “valuation and liquidity have declined” and stock price volatility “has increased significantly,” and that the “benefits of remaining a publicly traded company no longer justify the costs.” After going public in 2021, the firm is now valued at $70 million, down from $8 billion. After trading at $62.58, its shares are worth 30 cents. 
The committee also stated that “[s]ince TuSimple’s initial public offering in 2021, there has been a significant shift in capital markets, due in part to rising interest rates and quantitative tightening, that has changed investor sentiment for pre-commercialization technology growth companies”—a dry statement.
These fair, unsurprising reasons undersell what transpired at the corporation during the previous two years. Before going public in 2021, the US Committee for Foreign Investment closely examined TuSimple and its Chinese owners. The FBI and SEC examined the firm due to co-founder Mo Chen’s links to Hydron, another Chinese transportation startup. The board fired TuSimple co-founder Xiaodi Hou in late 2022 while the firm was investigated.
Since then, the firm has struggled. Despite cutting staff and rethinking its strategy, it escaped delisting last May. Late last year, the business left the U.S. market to focus on China. Its U.S. trucks and other equipment, including Hesai and Aeva lidar sensors, are being auctioned.
