TuSimple co-founder and former CEO Xiaodi Hou is on the warpath ahead of Friday's annual shareholder meeting, which will decide the composition of the company's board of directors.

Over the past few weeks, Hou has sued TuSimple for control of his voting rights. requested the company immediately liquidates and returns all remaining funds to shareholders, and called on the courts to block TuSimple's ability to transfer funds to China.

Now Hou is pushing shareholders to replace the board, even if it means taking the fight outside the annual meeting. On Monday Hou wrote in a letter: open letter It enabled them to alert shareholders of plans to initiate a written approval process to remove existing board members and replace them with people who would support liquidation. This means that even if the six incumbent board members are re-elected at the next annual meeting, shareholders who want to see change will have the option to try again.

TuSimple, meanwhile, asked shareholders ahead of the annual meeting to re-elect its current directors and approve a plan to stagger the board. This second proposal, if approved, would prevent future attempts to remove all board members at once.

TuSimple did not respond to TechCrunch in time for comment.

He argued in the letter that Hou was pushing for a written approval request because it would allow shareholders to remove directors outside the annual meeting cycle with the support of a majority of their extraordinary voting power.

TuSimple has been involved in drama since its autonomous trucking company Opened to public in 2021. This latest chapter began when the startup closed its US operations and delisted TuSimple said it planned to restart AV testing in China but instead parted ways with most of its autonomous driving team earlier this year. Now, it appears TuSimple is ready to use US funds (investor money the pre-revenue, high-cost business received after being delisted) to pay for a new business unit in AI animation and gaming. And Shareholders like Hou aren't happy about this.

“I write to you today not only as an investor, but also as a co-founder who has devoted seven years of passion, energy and personal dedication to making TuSimple the world leader in autonomous driving,” Hou said in his letter to shareholders. he wrote. “Unfortunately, the company's chances of achieving this vision under its current management and board are rapidly diminishing. “Given the current leadership team's extensive problems at TuSimple… I believe liquidation, which could provide shareholders with a return of $1.93 (or more) per share, represents the fairest path forward for all of us.”

Shares of TuSimple were trading at $0.40 on the over-the-counter securities market on Monday. Hou's estimate of returns of around $2 per share is based on TechCrunch's previous report, which found that TuSimple had about $450 million in cash remaining in the US as of September.

Hou overthrown He left his position as a manager in 2022 and resigned from the board of directors in 2023. accusations He said he was trying to poach staff for a new venture. Hou claimed that he was fired unfairly. He also said resigned resigned from the board in protest of his successor's high salary package. mass layoffs in the company.

At the end of November, Hou sues TuSimple and Mo Chen, the company's co-founder, executive producer and director, regaining control of his voting rights. Hou argued that the 2022 voting agreement that gave Chen control over his Class B shares expired in 2024, so his voting rights were returned to him.

TuSimple and Chen suggested that even though Hou currently owns the shares, he should vote as Chen directs.

The dispute over Hou's 27.9% stake will not be resolved until the first quarter of 2025, when a hearing is scheduled.