TuSimple Holdings shares slid more than 20% and struck an all-time low on Thursday after the self-driving-truck company said it faces a delisting of its shares from the Nasdaq Stock Market.
Shares of the San Diego company were recently changing hands at 87.7 cents, down about 22%, after touching an all-time low of 81 cents earlier in the session.
TuSimple said it received a Nasdaq delisting notice due to its failure to file its third-quarter and full-year 2022 financial reports with the U.S. Securities and Exchange Commission.
TuSimple said Nasdaq has denied its request for continued listing and plans to suspend trading in its shares at the opening of business on Monday unless the company appeals the delisting determination, which it said it plans to do.
TuSimple said it has hired UHY as its new independent registered public accounting firm, and that it plans to file its overdue financial reports as soon as possible.
TuSimple shares are down roughly 99% from their all-time high of $79.84, reached in June 2021.