Why TuSimple Stock Flew Another 31% Higher Today
After a staggering 59% rally Wednesday, shares of TuSimple Holdings (NASDAQ: TSP) moved even higher this morning, zooming 31.3% as of 10:32 a.m. ET Thursday. Unlike yesterday's move, though, which wasn't backed by any updates from the company, today's rally in the self-driving technology stock has a valid driver (pun intended).
After TuSimple failed to file regulatory reports -- specifically its quarterly report for the quarter that ended Sept. 30, 2022, and its annual report for the year that ended Dec. 31, 2022 -- the Nasdaq stock exchange served the company a notice of delisting on May 11. Among other things, it stated that the stock will be delisted from May 15 if the company doesn't appeal the notice.
With the stock still trading on the Nasdaq, the market speculated that TuSimple must be trying to turn things around and jumped onto the stock while it languished below $1. In just the first three days of the week, TuSimple shares gained nearly 58%.
Source Fool.com
