CreateAI Holdings Rejects Acquisition Offer, Focuses on AI-Driven Digital Entertainment
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CreateAI Holdings (formerly TuSimple) Board of Directors Unanimously Rejects Unsolicited Proposal from Steel Partners and Camac Partners By Investing.com
, /PRNewswire/ -- CreateAI Holdings Inc., formerly TuSimple Holdings Inc. (OTCMKTS: TSPH) ("CreateAI" or the "Company"), a global artificial intelligence technology company, today announced that its Board of Directors (the "Board") has unanimously rejected the unsolicited proposal, received on , from Steel Partners Holdings L.P. and Camac Partners LLC to acquire all the shares of CreateAI that they do not already own for per share. After careful and thorough consideration, the Board determined that the unsolicited proposal did not reflect an offer close to the fair market value of the company, and therefore determined it not to be in the best interests of the Company and its stockholders. "Our Board is committed to driving long term value for all stockholders and regularly reviews our strategy and evaluates opportunities to achieve that goal," said , Chairman of the Board. "We are confident that CreateAI has significant value creation potential. We believe that our integrated approach of developing generative AI technologies and applying our technologies to the production of digital entertainment content will enable us to be a leader in the industry." About CreateAI CreateAI (formerly TuSimple) is a global artificial intelligence company with offices in US, , and . The company is pioneering the future of digital entertainment content production, seamlessly blending cutting-edge generative AI technology with the creativity of world-class talent. Our mission is to redefine the boundaries of what's possible in digital storytelling by developing immersive, captivating, and visually stunning experiences that resonate with audiences on a global scale.
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CreateAI Holdings (formerly TuSimple) Board of Directors Unanimously Rejects Unsolicited Proposal from Steel Partners and Camac Partners - TuSimple Hldgs (OTC:TSPH)
SAN DIEGO, Dec. 31, 2024 /PRNewswire/ -- CreateAI Holdings Inc., formerly TuSimple Holdings Inc. TSPH ("CreateAI" or the "Company"), a global artificial intelligence technology company, today announced that its Board of Directors (the "Board") has unanimously rejected the unsolicited proposal, received on November 27, 2024, from Steel Partners Holdings L.P. and Camac Partners LLC to acquire all the shares of CreateAI that they do not already own for $0.46 per share. After careful and thorough consideration, the Board determined that the unsolicited proposal did not reflect an offer close to the fair market value of the company, and therefore determined it not to be in the best interests of the Company and its stockholders. "Our Board is committed to driving long term value for all stockholders and regularly reviews our strategy and evaluates opportunities to achieve that goal," said Cheng Lu, Chairman of the Board. "We are confident that CreateAI has significant value creation potential. We believe that our integrated approach of developing generative AI technologies and applying our technologies to the production of digital entertainment content will enable us to be a leader in the industry." About CreateAI CreateAI (formerly TuSimple) is a global artificial intelligence company with offices in US, China, and Japan. The company is pioneering the future of digital entertainment content production, seamlessly blending cutting-edge generative AI technology with the creativity of world-class talent. Our mission is to redefine the boundaries of what's possible in digital storytelling by developing immersive, captivating, and visually stunning experiences that resonate with audiences on a global scale. Investor Relations Contact: ICR for CreateAI [email protected] Brad Burgess ICR, LLC [email protected] View original content to download multimedia:https://www.prnewswire.com/news-releases/createai-holdings-formerly-tusimple-board-of-directors-unanimously-rejects-unsolicited-proposal-from-steel-partners-and-camac-partners-302340541.html SOURCE CreateAI Holdings Inc TSPHTuSimple Holdings Inc$0.41914.77%WatchlistOverviewMarket News and Data brought to you by Benzinga APIs
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CreateAI Holdings, formerly TuSimple, has unanimously rejected an unsolicited acquisition proposal from Steel Partners and Camac Partners, citing undervaluation. The company reaffirms its commitment to AI-driven digital entertainment content production.
CreateAI Holdings Rejects Acquisition Offer
CreateAI Holdings Inc., formerly known as TuSimple Holdings Inc. (OTCMKTS: TSPH), has unanimously rejected an unsolicited acquisition proposal from Steel Partners Holdings L.P. and Camac Partners LLC. The offer, received on November 27, 2024, proposed to acquire all shares not already owned by the bidders for $0.46 per share 12.
The Board of Directors, after careful consideration, determined that the proposal significantly undervalued the company and was not in the best interests of CreateAI and its stockholders. Cheng Lu, Chairman of the Board, stated, "Our Board is committed to driving long term value for all stockholders and regularly reviews our strategy and evaluates opportunities to achieve that goal" 2.
Company Reaffirms AI-Driven Strategy
CreateAI Holdings, a global artificial intelligence technology company, has reaffirmed its commitment to its current strategy and vision. The company expressed confidence in its significant value creation potential, particularly through its integrated approach to developing generative AI technologies and applying them to digital entertainment content production 1.
Lu emphasized, "We believe that our integrated approach of developing generative AI technologies and applying our technologies to the production of digital entertainment content will enable us to be a leader in the industry" 2.
CreateAI's Vision and Global Presence
CreateAI, which has offices in the US, China, and Japan, is positioning itself at the forefront of digital entertainment content production. The company's mission is to redefine the boundaries of digital storytelling by leveraging cutting-edge generative AI technology in combination with world-class creative talent 12.
The company aims to develop immersive, captivating, and visually stunning experiences that resonate with global audiences. This vision represents a significant pivot from TuSimple's original focus on autonomous trucking technology, highlighting the company's strategic shift towards AI-driven entertainment 2.
Market Response and Future Outlook
While the immediate market response to the rejection was not detailed in the provided sources, the company's stock (TSPH) was reported trading at $0.4191, up 14.77% 2. This positive movement could suggest that investors are aligning with the Board's decision and the company's renewed focus on AI and digital entertainment.
As CreateAI continues to evolve its business model and technology applications, industry observers will likely be watching closely to see how the company leverages its AI capabilities in the competitive digital entertainment landscape. The rejection of the acquisition offer underscores the Board's confidence in the company's independent strategy and its potential for future growth in the AI-driven content creation sector.
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