TuSimple Holdings has won a delay until Sept. 30 to file delinquent financial reports with the Nasdaq, which is threatening to delist the autonomous trucking software maker from the exchange.
The company successfully appealed an earlier decision that would have removed its ticker symbol and forced it to trade over the counter, also known as the “pink sheets.”
In an 8-K filing Monday with the Securities and Exchange Commission, TuSimple said it will work to file quarterly reports from the third quarter and full year 2022, plus its first and second quarter reports for 2023 by the Nasdaq’s new deadline.
Four TuSimple financial reports get new deadlines
The Nasdaq notified TuSimple on Thursday that the company’s plan of compliance outlined in a hearing on June 22 was sufficient to allow TuSimple to continue to list. The Nasdaq required specific deadlines for each delayed report. TuSimple blamed the delinquencies on the resignation of its auditor and the time it took to search for a replacement.
TuSimple said in March that it had nearly $1 billion in cash and equivalents on its balance sheet at the end of 2022. But the missing reports make that claim unverifiable.
The company’s financial condition may have improved overall following the layoffs of 650 employees in two waves in December and May. TuSimple incurs costs associated with the terminations, but having fewer employees preserves cash through the elimination of salaries and benefits in the future.
In recent weeks, the company has focused attention on its China-based Asian operations. It said on June 26 it was exploring “strategic alternatives” for its U.S. business, including a possible sale. This is opposite what the company planned previously when it said it was seeking a buyer for its China business.
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