Why TuSimple Stock Plunged Below $1 Today
TuSimple Holdings (NASDAQ: TSP) stock plunged below the $1 mark today, having lost a whopping 29% as of 12:30 p.m. ET. The company, which claims to have developed "the world's most advanced" autonomous driving system, has failed to execute and been mired in controversy. Things have now come to a point where the stock is on the verge of getting delisted from the Nasdaq stock exchange.
This morning, TuSimple said that it had received a delisting notice from Nasdaq, and unless the company appeals the notice, the stock will be suspended from trading on the exchange from May 15.
TuSimple has received the notice because it failed to file its quarterly earnings report for the period that ended Sept. 30, 2022, as well as the annual report for the year that ended Dec. 31, 2022, in a timely manner. Nasdaq's listing rules require every company to timely make all its interim and annual reports available to shareholders.
Source Fool.com
