TuSimple co-founder and former CEO Xiaodi Hou is making bold moves ahead of Friday’s annual shareholder meeting that will determine the company’s board of directors.

In recent weeks, Hou has filed lawsuits against TuSimple to secure control of his voting rights, demanded the immediate liquidation of the company with a return of remaining cash to shareholders, and sought to prevent funds transfer to China.

Now, Hou is rallying shareholders to shake up the board, even if it means pursuing action outside the annual meeting. In an open letter on Monday, Hou announced plans to initiate a written consent process in early 2025 to replace the current board with members supporting liquidation. This means shareholders can still push for change even if the current directors are re-elected at the upcoming meeting.

Meanwhile, TuSimple is urging shareholders to re-elect existing directors at the annual meeting and approve a plan to stagger the board, preventing future attempts to remove all members at once.

TuSimple CEO Cheng Lu has responded to Hou’s efforts by highlighting the company’s legal action against Hou’s new autonomous trucking venture, Bot Auto, for alleged trade secret theft. The company believes that liquidation would protect Hou while providing minimal return for existing shareholders.

TuSimple has faced turmoil since going public in 2021, with the latest saga beginning after the company closed its U.S. operations and delisted from the stock market in early 2024. Despite plans to resume autonomous vehicle testing in China, TuSimple parted ways with much of its self-driving team, leading to speculation about using U.S. funds for a new AI animation and gaming division. Shareholders, including Hou, have expressed discontent over this decision.

Hou, who co-founded TuSimple and invested years of dedication into the company, believes liquidation is the best course of action, potentially providing $1.93 or more per share to stockholders.

TuSimple’s stock is currently trading at $0.40 on the over-the-counter market, with the estimated return per share based on the company’s remaining cash in the U.S. at around $450 million.

Hou’s dispute with TuSimple and co-founder Mo Chen regarding his voting rights is ongoing, with a resolution expected in the first quarter of 2025.

This article was originally published on December 16 and has been updated to include a statement from TuSimple.