TuSimple $1.35 billion IPO
Davis Polk advised the representatives of the several underwriters in connection with the $1.35 billion initial public offering of 33,783,783 shares of Class A common stock of TuSimple Holdings Inc., of which 27,027,027 shares were issued and sold by TuSimple and 6,756,756 shares were sold by the selling stockholders. The common stock is listed on the Nasdaq Global Select Market under the symbol “TSP.”
TuSimple is a global autonomous technology company revolutionizing the estimated $4 trillion global freight market. TuSimple has developed industry-leading autonomous technology specifically designed for semi-trucks, which has enabled the company to build the world’s first Autonomous Freight Network in partnership with world-class shippers, carriers, fleet owners and truck hardware partners. TuSimple is headquartered in San Diego, California.
The Davis Polk capital markets team included partners Richard D. Truesdell Jr. and Roshni Banker Cariello and associates Stephen A. Byeff, Ariel Rivera and Shaoting Qin. The intellectual property and technology transactions team included partner Frank J. Azzopardi. The tax team included counsel Alon Gurfinkel. The environmental team included counsel Loyti Cheng and associate Michael Comstock. Counsel Marcie A. Goldstein provided FINRA advice. Members of the Davis Polk team are based in the New York and London offices.