(Reuters) – TuSimple Holdings Inc said on Thursday it had received a delisting notice from the Nasdaq for failing to file its quarterly report on time, sending its shares tumbling by about 20% in early trading.
The exchange intends to suspend trading in shares of the autonomous driving technology company on May 15 unless it files an appeal, the company said.
TuSimple last reported quarterly results for the period ended Sept. 30 in late October. It said in March that it failed to file its 2022 annual report on time as it needed more time to hire new principal accountants.
The company said on Thursday it had appointed UHY as its new independent registered public accounting firm for 2022.
The San Diego-based company announced a restructuring in December and cut about 350 jobs. It removed CEO Xiaodi Hou in October following a board investigation.
The probe revealed that some employees spent paid hours last year working for Hydron Inc, a startup working on autonomous trucks mostly in China.
(Reporting by Tanya Jain and Akash Sriram in Bengaluru; Editing by Anil D’Silva)
