Self-driving tech firm TuSimple plans to delist from Nasdaq

 (Reuters) – TuSimple Holdings (TSP.O), opens new tab said it has decided to voluntarily delist from the Nasdaq and terminate its registration with the U.S. securities regulator, sending the autonomous driving technology company’s shares down 40% in premarket trading.
The company, which went public in 2021, said its valuation and liquidity have declined since, while its stock price volatility has increased “significantly”.

Rise in interest rates and higher caution in the market due to macroeconomic uncertainty have impacted investor sentiment for pre-revenue technology companies like TuSimple, the company said on Wednesday.
TuSimple expects its last trading day on the U.S. stock exchange to be on or around Feb. 7.
The San Diego-based company announced restructuring plans in May, including layoffs and asset impairments to balance its cost structure amid a funding crunch in the sector.
The company said it is undergoing a transformation that it believes can be better navigated as a private firm than as a publicly traded one.
“The benefits of remaining a publicly traded company no longer justify the costs,” TuSimple added.
Loss from operations in the nine months ended Sept. 30 was $248.6 million, narrowing from $341.7 million during the same period in 2022, as the company cut its research and development costs and stock-based compensation for employees.
Reporting by Priyanka G; Editing by Shounak Dasgupta