Acquirer: Sina Corporation (China)
Acquired: TuSimple Holdings Inc. (US)
Industry: Autonomous Vehicles
UPDATE: “CFIUS formally accepted the Company’s notice, which was filed jointly with Sina Corporation, and the matter is currently under review.” (TuSimple Holdings Inc. Form 8-K, Aug. 5, 2021, SEC Filing.) CFIUS informed TuSimple that the subject of its review is not the investment my Sina Corporation, as previously indicated, but the 2017 acquisition of the U.S. business of TuSimple LLC by Tusimple (Cayman) Limited. (See id.) “A majority of the shares of Tusimple (Cayman) Limited at the time of the 2017 Transaction were held by Dr. Xiaodi Hou, Mo Chen and Sun Dream, Inc. Dr. Hou and Mr. Chen are both members of our Board of Directors. Dr. Hou is a U.S. citizen. Mr. Chen is a citizen of Canada, and Sun Dream, Inc., which currently holds approximately 5.8% of the voting power of the Company, is ultimately controlled by a U.S. citizen.” (Id.) TuSimple “was recently informed that CFIUS initiated a 45-day investigation period in connection with its review of the 2017 Transaction.” (TuSimple Holdings Inc. Form 8-K, Aug. 16, 2021, SEC Filing.)
Posted in May 2021
Status: Upcoming/New Filing; Post-closing Filing
On March 23, 2021, TuSimple Holdings Inc., “an autonomous technology company” that has “developed industry-leading autonomous technology specifically designed for semi-trucks,” announced that it was offering shares of Class A common stock. (TuSimple Holdings Inc., Form S-1, Mar. 23, 2021, SEC Filing.) Included in the disclosures for that offering, TuSimple Holdings reported that on March 1, 2021, CFIUS “requested that [TuSimple] file a written notice regarding the 2017 purchase of shares . . . by Sun Dream Inc. (“Investor”), an affiliate of Sina Corporation,” a Chinese technology and media company. (Id.) Sina Corporation and TuSimple Holdings “intend to file the requested notice jointly . . .” (Id.)
Please contact us with any questions.