Shulou(Shulou.com)11/24 Report--

November 12 news, I removed my board of directors! This is not a nesting doll.

Self-driving truck company Tucson released the latest announcement on the American Stock Exchange on the 10th, its co-founder and former CEO Hou Xiaodi and another major shareholder, Chen Mo, removed the company's board of directors through a majority vote. Four directors were fired.

Just about 10 days ago, on October 31, the company announced that its board of directors had removed Hou Xiaodi as chief executive and chairman.

According to the latest announcement released on the 10th, four of Tucson's previous five board members (Brad Buss, Karen C. Francis, Michelle Sterling and Reed Werner) were fired, and the remaining director, Hou Xiaodi, became the sole board member.

On the 10th, Hou Xiaodi, the only director, appointed Chen Mo and Lu Cheng to the company's board of directors to form a new Tucson future board of directors.

The new board of directors dismissed Ersin Yumer as interim CEO and president of the company, appointed Lu Cheng as CEO, appointed Chen Mo as executive chairman of the board of directors, and returned power to the founding management team.

Lu Cheng, a 39-year-old American citizen, served as future president of Tucson from January 2019 to March 2022, CEO and company director from September 2020 to March 2022. After Lu Cheng resigned as chief executive in March this year, Hou Xiaodi took over.

Chen Mo, a 38-year-old Canadian citizen and co-founder of Tucson, co-founded Tucson Future with Hou Xiaodi in 2015 and served as CEO from 2015 to September 2020 and Executive Chairman from September 2020 to June 2022. In June 2022, Chen Mo founded self-driving hydrogen-powered truck company HydronInc. After leaving Tucson's board, Chen Mo remains a major shareholder with special voting rights.

However, according to Nasdaq regulations, most members of the board of directors of ordinary listed companies should be independent directors. Tucson said in a future announcement that the company faces the risk of delisting from the NASDAQ stock exchange after Chen Mo and Hou Xiaodi used their majority voting rights to remove several independent directors.

Tucson said in an announcement in the future that the company intends to comply with these Nasdaq listing rules before the end of the applicable remedial period.

On October 31, after being dismissed by the board of directors, Hou Xiaodi wrote: "the board of directors voted for no reason to remove me from the post of CEO and chairman of the board. Unfortunately, the process and conclusions of the board are questionable at best. "" I know my leadership style can be demanding at times, but that's because autopilot itself is a daunting task that requires perseverance. Your dedication makes me more humble. Unfortunately, the work we have done together and the sacrifices we have made in the process are sometimes underestimated by those who do not understand the complexities of autopilot. It is very unfair to let politics hinder the dreams we pursue together. "

Earlier, it was exposed by foreign media that Tucson Future was investigated by the Federal Bureau of investigation (FBI), the Securities and Exchange Commission (SEC) and the Committee on Foreign Investment (CFIUS). The investigation included whether Tucson improperly provided money and transferred technology to a Chinese start-up accused of Hydron in the future.

Tucson's latest future results show that the company's revenue in the third quarter of this year was $2.653 million, up 49% from a year earlier, and a net loss of $113 million.

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