TuSimple Holdings Inc. announced the pricing of its initial public offering of 33,783,783 shares of its Class A common stock at a price to the public of $40 per share with 27,027,027 shares being offered by TuSimple and 6,756,756 shares being offered by a selling stockholder.
Gross proceeds to TuSimple will be more than $1.08 million, before underwriting discounts, commissions and offering expenses payable by TuSimple, the company says.
In addition, the underwriters of the initial public offering have a 30-day option to purchase up to an additional 5,067,567 shares of Class A common stock from the selling stockholder at the IPO price less underwriting discounts and commissions.
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TuSimple’s Class A common stock is expected to begin trading on the Nasdaq Global Select Market on April 15, 2021 under the ticker symbol “TSP.” The offering is expected to close April 19, 2021, subject to the satisfaction of customary closing conditions.
Morgan Stanley, Citigroup and J.P. Morgan are acting as lead book-running managers for the proposed offering. BofA Securities, Cowen, Credit Suisse, Nomura and RBC Capital Markets are acting as book-running managers for the offering. Baird, Needham & Company, Oppenheimer & Co., Piper Sandler and Valuable Capital are acting as co-managers for the offering.