TuSimple Holdings, a self-driving technology company, announced Wednesday that it has launched the roadshow for its initial public offering.
The company filed a prospectus with the Securities and Exchange Commission to offer 33,783,783 shares of its Class A common stock to the public, with 27,027,027 shares offered by TuSimple and 6,756,756 shares offered by a selling stockholder.
In addition, the underwriters of the initial public offering will have a 30-day option to purchase up to an additional 5,067,567 shares of Class A common stock from the selling stockholder.
The initial public offering price is expected to total $35 to $39 a share. TuSimple has applied to list its Class A shares on the Nasdaq Global Select Market with the ticker "TSP."
If its nearly 39 million shares trade at $39 share, the offering would total nearly $1.52 billion.
“We have developed industry-leading autonomous technology specifically designed for semi-trucks, which has enabled us to build the world’s first autonomous freight network in partnership with world-class shippers, carriers, railroads, freight brokers, fleet asset owners, and truck hardware partners,” TuSimple said in its prospectus.
Revenue totaled $1.84 million last year, up from $710,000 in 2019. The company posted a net loss of $177.87 million last year, widening from $84.883 million in 2019.
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