Why TuSimple Holdings Tumbled Today
Niche auto tech company TuSimple (NASDAQ: TSP) might be putting itself on the block. The dreaded "strategic alternatives" (such as a sale) it's contemplating usually worry investors. Surely enough, the company's share price cratered on the news, plummeting by nearly 10% on a day when the S&P 500 index ended 1.2% higher.
After market hours Thursday, TuSimple broke the news that it is "evaluating strategic alternatives" for its U.S. operations, as it wrote in a press release. It said this has the unanimous support of its board of directors, adding that it has retained veteran financial services firm Perella Weinberg Partners as a financial advisor to explore potential deals for the unit.
TuSimple said that its aim was "to maximize shareholder value."
Source Fool.com
