Here is the rewritten article in a neutral and formal tone:
Xiaodi Hou, a co-founder of TuSimple, is currently engaged in a dispute with his former colleague, Chen, over control of the company. The issue centers on a voting agreement that expired two years ago, but Chen claims still has validity.
According to the agreement, Chen was granted "irrevocable proxy and power of attorney" over Hou’s shares in TuSimple, which would account for 29.7% of the company’s total voting power. However, this agreement expired after two years, and Hou asserts that he should regain control of his shares.
Chen has reaffirmed his claim to Hou’s shares in a Securities and Exchange Commission (SEC) filing dated November 9, 2024. In this document, Chen states that he controls 57.9% of the company’s voting power and that the voting agreement remains in full force and effect, despite its expiration.
TuSimple has included similar language regarding the deal with Hou in its proxy statement to shareholders ahead of the upcoming annual meeting. This meeting will determine whether to renew the current directors and create a classified board, which could entrench control with Chen.
A hearing is scheduled for December 2 to expedite the review of Hou’s complaint and decide on his request to postpone TuSimple’s annual meeting.
