SAN
DIEGO, March 21, 2022 /PRNewswire/ -- TuSimple
(Nasdaq: TSP), a global autonomous driving technology company,
announced today that its Board of Directors, with full support from
its management team, intends to explore certain transactions at a
subsidiary level for its Asia-Pacific-focused businesses. The Board
believes that such a transaction can highlight value in the
Company's Asia-Pacific-focused
businesses and enhance overall value for shareholders. This
exploratory process does not currently include any plans for a
divestiture or a similar transaction for any of its businesses or
subsidiaries.
"TuSimple has a leading autonomous trucking technology and
go-to-market position in China
with opportunities to expand to other Asia-Pacific markets," said Xiaodi Hou, Co-Founder and CEO, TuSimple. "We
believe this is the right time to explore opportunities to add high
quality partners at a subsidiary level and highlight the value of
our Asia-Pacific-focused
businesses."
This process is at a preliminary stage and no assurances can be
made regarding the nature of a potential transaction, if any.
About TuSimple
TuSimple is a global autonomous driving
technology company headquartered in San
Diego, California, with operations in Arizona, Texas, Europe, and China. Founded in 2015, TuSimple is developing
a commercial-ready, fully autonomous (SAE Level 4) driving solution
for long-haul heavy-duty trucks. TuSimple aims to transform the
$4 trillion global truck freight
industry through the company's leading AI technology, which makes
it possible for trucks to drive safely autonomously, operate nearly
continuously, and reduce fuel consumption by 10%+ relative to
manually driven trucks. Global achievements include the
world's first fully autonomous, 'driver-out' semi-truck run on open
public roads, and development of the world's first Autonomous
Freight Network (AFN). Visit us at www.tusimple.com.
This press release contains "forward-looking statements" that
involves risks, uncertainties and assumptions. Forward-looking
statements can be identified by words such as "anticipates,"
"intends," "plans," "seeks," "believes," "estimates," "expects" and
similar references to future periods. These forward-looking
statements include the quotations from management in this press
release, as well as any statements regarding a transaction at a
subsidiary level for the Company's Asia-Pacific-focused business. Forward-looking
statements are based on the Company's current expectations and
assumptions regarding its business, the economy and other future
conditions. Since forward-looking statements relate to the future,
they are subject to inherent uncertainties, risks and changes in
circumstances that are difficult to predict. The Company's actual
results may differ materially from those contemplated by the
forward-looking statements. Important factors that could cause
actual results to differ materially from those in the
forward-looking statements are described more fully in documents
filed with or furnished to the Securities and Exchange Commission
(SEC), including the Company's Form 10-K for the year ended
December 31, 2021 filed with the SEC
on February 24, 2022, which the
Company incorporates by reference into this press release. Any
forward-looking statement made by the Company in this press release
speaks only as of the date on which it is made. The Company
undertakes no obligation to publicly update any forward-looking
statement, whether as a result of new information, future
developments or otherwise, except as may be required by law.
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SOURCE TuSimple