CreateAI Holdings (formerly TuSimple) Board of Directors Unanimously Rejects Unsolicited Proposal from Steel Partners and Camac Partners

SAN DIEGO, Dec. 31, 2024 /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 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] 

Media Contact:
Brad Burgess
ICR, LLC
[email protected] 

SOURCE CreateAI Holdings Inc