SAN DIEGO ,
April 28,
2022 /PRNewswire/ -- TuSimple (Nasdaq: TSP), a
global autonomous driving technology company, announced changes to
the composition of the Board of Directors. On April 23, 2022, the TuSimple Board of Directors
appointed Reed Werner to fill a
vacancy on the Board, and announced that Mo
Chen, co-founder and Board of Directors member, has decided
not to stand for re-election. Chen will fulfill his tenure on the
Board through the annual meeting. Additionally, TuSimple announced
that current Director Brad Buss has
been appointed Lead Independent Director of the Board.
Concurrently with Werner's appointment, the TuSimple Board
established a Government Security Committee, in accordance with the
agreement between TuSimple and The Committee on Foreign Investment
in the United States National
Security Agreement ("NSA") which commenced in February 2022. Presently, Werner serves as the
Security Director under the NSA and has been appointed Chair of the
TuSimple Government Security Committee. Furthermore, Werner has
been appointed to the Company's Audit Committee. The Board has
determined that Mr. Werner meets the requirements for
independence under the applicable listing standards of The Nasdaq
Stock Market and the Securities Exchange Act of 1934, as
amended.
TuSimple values Mo Chen's
significant contributions to the company, and thanks him for his
dutiful service on the Board of Directors since the company's
inception in 2015. The Company intends to pursue adding additional
independent members to the Board as part of its overall corporate
governance focus. Chen remains a significant shareholder and an
enthusiastic supporter of the company, Co-Founder and CEO,
Xiaodi Hou, the Board of Directors
and management team.
"The changes announced today reflect a thoughtful, and strategic
process by the TuSimple Board," said Xiaodi
Hou, Co-Founder and CEO, TuSimple. "I thank Mo Chen for his successful tenure on the Board
as he was instrumental in setting the roadmap for TuSimple's
ongoing success, and we welcome Reed
Werner who brings a wealth of experience, leadership, and
Governmental oversight that will be important as the company
focuses on continuing to grow its business. Elevating Brad to Lead
Independent Director is part of our ongoing commitment to enhancing
corporate governance and I look forward to partnering with
him."
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.
Forward-Looking Statements
This press release contains certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995, as amended. All statements contained in this press release
that do not relate to matters of historical fact should be
considered forward-looking, including statements as to future
results of operations and financial position, planned products and
services, business strategy and plans, launch dates of products or
services, expected safety benefits of our autonomous semi-trucks,
objectives of management for future operations of TuSimple Holdings
Inc. and its subsidiaries (the "Company", "we", "our" and "us"),
market size and growth opportunities, competitive position and
technological and market trends and corporate governance changes,
are forward-looking statements. These forward-looking statements
generally are identified by the words "anticipate," "believe,"
"contemplate," "continue," "could," "estimate," "expect,"
"forecast", "future", "intend," "may," "might", "opportunity",
"plan," "possible", "potential," "predict," "project," "should,"
"strategy", "strive", "target," "will," or "would", the negative of
these words or other similar terms or expressions. The absence of
these words does not mean that a statement is not forward-looking.
Forward-looking statements are predictions, projections, and other
statements about future events that are based on current
expectations and assumptions and, as a result, are subject to risks
and uncertainties. Many important factors could cause actual future
events to differ materially from the forward-looking statements in
this press release, including but not limited to, those related to
autonomous driving being an emerging technology, the development of
the Company's technologies and products, the Company's limited
operating history in a new market, the regulations governing
autonomous vehicles, the Company's dependence on its senior
management team, reliance on third-party suppliers, potential
product liability or warranty claims and the protection of the
Company's intellectual property. Moreover, the Company operates in
a competitive and rapidly changing environment, and new risks may
emerge from time to time. The foregoing list of factors is not
exhaustive. You should carefully consider the foregoing factors and
the other risks and uncertainties described under the caption "Risk
Factors" in our most recent annual report on Form 10-K, filed with
the Securities and Exchange Commission (the "SEC") on February 24, 2022, and TuSimple's other filings
with the SEC. These SEC filings identify and address other
important risks and uncertainties that could cause actual events
and results to differ materially from those contained in the
forward-looking statements. Forward-looking statements speak only
as of the date they are made. Readers are cautioned not to put
undue reliance on forward-looking statements, and we assume no
obligation and do not intend to update or revise these
forward-looking statements, whether as a result of new information,
future events, or otherwise. We do not give any assurance that we
will achieve our expectations.
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SOURCE TuSimple Holdings, Inc.