TuSimple Holdings (TSP) Stock

SAN DIEGO , Dec. 31, 2024 /PRNewswire/ -- CreateAI Holdings Inc., formerly TuSimple Holdings Inc. (OTCMKTS: TSPH) ("CreateAI" or the "Company"), a global artificial intelligence technology company, today announced that its Board of Directors (the "Board") has unanimously rejected the unsolicited proposal, received on November 27, 2024, from Steel Partners Holdings L.P. and Camac Partners LLC to acquire all the shares of CreateAI that they do not already own for $0.46 per share.

TuSimple Holdings said on Thursday it would rebrand as CreateAI and pivot from autonomous trucking to AI gaming technology, marking an attempt by the once-prominent self-driving truck startup to make a comeback.

TuSimple co-founder and former CEO Xiaodi Hou is on a war path in the lead up to Friday's annual shareholder meeting that will decide the makeup of the company's board of directors.

Xiaodi Hou, the co-founder and former CEO of self-driving truck startup TuSimple, is demanding that the board immediately liquidate the company and return all remaining funds – roughly $450 million – to shareholders “on a pure pro-rata basis, regardless of share class,” according to a letter that TechCrunch has viewed.

TuSimple, once a buzzy startup considered a leader in self-driving trucks, is trying to move its assets to China to fund a new AI-generated animation and video game business. The pivot has not only puzzled and enraged several shareholders, but also threatens to pull the company back into a legal morass mere weeks after reaching a preliminary settlement in a class action lawsuit.

SAN DIEGO , May 29, 2024 /PRNewswire/ -- TuSimple Holdings Inc. (OTCMKTS: TSPH) ("TuSimple" or the "Company"), a global autonomous driving technology company, today announced it has reached a settlement agreement with the Committee on Foreign Investment in the United States ("CFIUS") relating to events that occurred in 2022. These events include the temporary vacancies in the security director position and on the board's government security committee (reconstituted on January 5, 2023), and whether certain covered intellectual property was transferred contrary to the national security agreement.

At the beginning of the week, there was a lot of interest surrounding certain institutional investors due to the regulatory disclosure deadline, including tech giant Nvidia.

TuSimple's shares fell 55% early Wednesday after the company said it planned to voluntarily delist from the Nasdaq and deregister its shares with the Securities and Exchange Commission (SEC). The San Diego, California-based autonomous driving technology company said a special board committee comprising non-executive directors had concluded the delisting and deregistration was in the best interest of the company and its stockholders.

TuSimple Holdings 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.