TuSimple to cut 30% of jobs, face Nasdaq panel in June over delisting notice

Autonomous trucking company TuSimple Holdings Inc.
TSP,
+14.06%
announced Thursday that its board of directors has approved an “additional restructuring plan” that will mean the elimination of 300 jobs, or about 30% of the company’s workforce. After the layoffs, the company expects to have about 750 full-time-equivalent employees, TuSimple said in a morning filing with the Securities and Exchange Commission. The company disclosed a prior restructuring plan in December 2022 that it said at the time was expected to bring the reduction of 350 jobs. TuSimple shares were off 8% in Thursday’s premarket trading. The company also discussed a recent delisting notice from the Nasdaq as TuSimple wasn’t able to file its March-quarter 10-Q on time. “The Notice indicated that this serves as an additional basis for delisting the Company’s securities from Nasdaq and that the Company should present its views with respect to this additional delinquency to the Nasdaq at its hearing before the Nasdaq Hearings Panel.” That hearing is scheduled for June 22, TuSimple said Thursday. The company’s shares have shed 84% over the past 12 months.