TuSimple (NASDAQ:TSP) closed down 20.4% Thursday and continues to fall after the self-driving truck startup said it is considering selling its U.S. operations to focus on the Asia-Pacific region.
TuSimple, a company currently facing potential delisting from the Nasdaq stock exchange due to non-filing of two quarterly reports, has revealed its intention to explore strategic options for its U.S. business. These options include the potential sale of the company.
TuSimple, which has been in the red since its establishment in 2015, has engaged U.S. investment bank Perella Weinberg Partners as financial advisor to explore possible transactions for the business, it said.
TuSimple revealed Thursday that the company is evaluating strategic alternatives for its U.S. business with a goal to maximize shareholder value. If the company proceeds with the sale of its U.S. operations, TuSimple intends to maintain its status as a global enterprise focused on the development and application of self-driving technology for heavy-duty trucks. The company plans to shift its focus towards the Asia-Pacific region and other significant markets while continuing its operations as a prominent player in the industry.
The company has operations in China and Japan and has been significantly increasing its focus on these markets in recent weeks. In June, TuSimple started testing its self-driving technology on public roads in Japan and completed its first fully autonomous test run on public roads in China.
Shares of TSP are down 11.46% in mid-day trading on Friday.