What's Going On With TuSimple Holdings Stock Thursday

TuSimple Holdings Inc TSP shares are trading lower as it disclosed exploring strategic alternatives for its U.S.-based operations.

The autonomous driving technology company has engaged Perella Weinberg Partners as a financial advisor to explore possible transactions for the U.S.-based portion of its business.

Also Read: TuSimple Co-founder Resigns After Internal Probe Finds Him Poaching Top Employees For New Venture

Since its establishment in 2015, TuSimple has built solid and distinct businesses in the U.S. and Asia-Pacific, which operate with stand-alone engineering teams, software code base, and infrastructure. 

If a transaction involving the U.S.-based firm occurs, TuSimple will continue to be a global Level 4 autonomous driving technology company with greater emphasis on Asia-Pacific and other major global markets.

In May, TuSimple shared plans to reorganize its U.S. operations by reducing the global workforce by about 30%. The restructuring will likely lead to ~$12 million - $13 million in one-time charges and result in an expected annual cash compensation expense savings of ~$64 million - $68 million. 

Price Action: TSP shares are trading lower by 2.60% at $2.25 premarket on the last check Thursday.