What happened

After a staggering 59% rally Wednesday, shares of TuSimple Holdings (TSP) moved even higher this morning, zooming 31.3% as of 10:32 a.m. ET Thursday. Unlike yesterday's move, though, which wasn't backed by any updates from the company, today's rally in the self-driving technology stock has a valid driver (pun intended).

So what

After TuSimple failed to file regulatory reports -- specifically its quarterly report for the quarter that ended Sept. 30, 2022, and its annual report for the year that ended Dec. 31, 2022 -- the Nasdaq stock exchange served the company a notice of delisting on May 11. Among other things, it stated that the stock will be delisted from May 15 if the company doesn't appeal the notice.

With the stock still trading on the Nasdaq, the market speculated that TuSimple must be trying to turn things around and jumped onto the stock while it languished below $1. In just the first three days of the week, TuSimple shares gained nearly 58%.

Today, TuSimple gave the markets two reasons to keep their hopes alive: an update about Nasdaq's delisting notice, and a business move including a major restructuring.

In response to Nasdaq's notice, TuSimple reiterated this morning that it "is unable to" file its regulatory reports without "unreasonable efforts and time" by the prescribed due date. However, the company has a chance to present its views before the Nasdaq Hearings Panel on June 22. Investors are hopeful of a positive outcome.

In the second, more relevant update, TuSimple announced its plans to restructure its operations in the U.S. and reduce its global workforce by 30%. While the restructuring could cost the company up to $13 million, TuSimple estimates its "total annual cash compensation savings" to be more than $120 million.

TuSimple also said it will continue to own and operate its subsidiaries in the Asia-Pacific region and drop its plans to divest them, given the progress the business has made in recent months. TuSimple plans to develop commercial, fully autonomous driving solutions for long-haul trucks for multiple Asia-Pacific markets.

Now what

Buying TuSimple stock on speculation that it won't be delisted is just that -- speculation, not investing. Those who've been impressed by the company's autonomous technology and partnerships, though, are right to cheer TuSimple's restructuring move, as it's a much-awaited signal that the company is finally trying to get its act together.