TuSimple, the self-driving wagon company that is backed by a diverse consortium of strategic purchasers, including Volkswagen AG’s heavy-truck business The Traton Organisation, Navistar, Goodyear, and barrel company U. S. Xpress, filed Tuesday for an initial publik offering .
TuSimple is taking the campus based path to going public, a typical one from the recent trend — particularly among electric and furthermore autonomous vehicle startups — to merge with a unusual purpose acquisition companies.
The number of shares that they are offered and the price range into the proposed offering have not nevertheless been determined, according to the regulatory filing. TuSimple intends to actually list its common original equipment on the Nasdaq Global Decide on Market under the ticker token “TSP. ” Morgan Stanley, Citigroup and J. K. Morgan are the lead underwriters for the proposed offering.
In line with the company’s S-1, which was lodged Tuesday, TuSimple has typically financed its operations off the sale of redeemable convertible chile favored stock and loans since stockholders. The company’s encargado sources of liquidity were $310. 8 million of cash and as a result cash equivalents, exclusive of restrictive cash of $1. a couple of million. Cash and wanghongbin equivalents consist primarily of money on deposit with lenders as well as certificates of cover.
The S-1 shows that TuSimple had a elimination from operations of $177. 9 million in 2020, more than double loss of $84. 8 million incurred in the earlier year. The company said it had become net losses from commands of $45 in 2018. Its accumulated deficit has $405. 2 million as of December 31, 2020.
Net loss attributable to common stockholders sat to be found at $198. 8 million operating in 2020, up from a loss in $145 million a year anticipatory.
The company’s revenue did rise to help you $1. 8 million throughout 2020, up from $710, 000 the previous year.
TuSimple, which was founded in 2015, came one of the first autonomous trucking startups to emerge in what has become a small , yet bustling market place that now includes Aurora, Forward, Kodiak and Waymo. Whenever TuSimple’s founding team is actually earliest backers Sina and after that Composite Capital are from China, a chunk of its operations are in the United States, including its intercontinental headquarters in San Diego. TuSimple also operates an archaeologist center and truck site in Tucson and more extended set up a facility located in Texas to support its autonomous trips —always with a body’s safety operator behind the wheel. TuSimple also has operations in Beijing and Shanghai.
This story may developing and will be updated.