2023-08-10 08:04:33 ET
TuSimple Holdings Inc. ( NASDAQ: TSP ) filed notice with the SEC late on Wednesday that the company has determined that it is unable, without unreasonable effort or expense, to file on time its quarterly 10-Q report for the fiscal quarter that ended on June 30. The company said it requires additional time to finalize the Form 10-Q in light of the recent engagement of a new independent registered public accounting firm for the fiscal year ending December 31, 2022, as previously disclosed.
In late June, TuSimple ( TSP ) announced that the board is evaluating strategic alternatives for the U.S. business with a goal of maximizing shareholder value. The decision to explore strategic alternatives for the U.S. business was said to be guided by a review of multiple business factors and commercial opportunities. The company does not plan to make further public comment regarding these matters until the board has approved a specific transaction or other alternative or otherwise concluded its review of strategic alternatives. The Arizona-based company has engaged Perella Weinberg Partners as a financial advisor to explore possible transactions for the U.S.-based portion of its business.
Shares of TuSimple ( TSP ) fell 1.09% in premarket action on Thursday after dropping 6.12% on Wednesday. The stock is down about 80% from where it stood a year ago.
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TuSimple delays filing of quarterly financial report