SAN DIEGO, December 31, 2024 — CreateAI Holdings Inc., formerly known as TuSimple Holdings Inc. (OTCMKTS: TSPH), a global artificial intelligence technology company, today announced its Board of Directors’ unanimous rejection of an unsolicited acquisition proposal. The proposal, received on November 27, 2024, from Steel Partners Holdings L.P. and Camac Partners LLC, offered $0.46 per share for the CreateAI shares they did not already own.

Following a thorough review, the Board concluded that the offer significantly undervalued the company and was not in the best interests of CreateAI and its shareholders.

Cheng Lu, Chairman of the Board, stated, “Our Board is dedicated to maximizing long-term shareholder value. We consistently assess our strategies and explore opportunities to achieve this goal. We are confident in CreateAI’s substantial value creation potential. Our integrated approach to generative AI technologies and their application to digital entertainment content production positions us for industry leadership.”

About CreateAI

CreateAI (formerly TuSimple) is a global artificial intelligence company with offices in the US, China, and Japan. The company is at the forefront of digital entertainment content creation, combining cutting-edge generative AI with the expertise of top creative talent. Our mission is to redefine digital storytelling, producing immersive and visually stunning experiences that resonate globally.

Investor Relations Contact:
ICR for CreateAI
 

Media Contact:
Brad Burgess
ICR, LLC
 

SOURCE CreateAI Holdings Inc