Self-driving driving truck startup TuSimple Holdings Inc said on Monday it would explore “certain transactions” for its Asia-Pacific-focused businesses, sending shares in the company up 2.3% in premarket trade.
The company, backed by Chinese social media firm Sina Corp, said the exploration process does not include plans for a divestiture or a similar transaction for any of its businesses or subsidiaries.
“We believe this is the right time to explore opportunities to add high-quality partners at a subsidiary level and highlight the value of our Asia-Pacific-focused businesses,” chief executive officer Xiaodi Hou said.
Reuters had reported last week the company was looking to sell its business in China and focus on the U.S. market, citing sources familiar with the matter.
Founded in 2015, TuSimple employs around 500 people and is headquartered in San Diego, California.
Reuters