More than 70% of trading in Mullen Automotive (NASDAQ:MULN) stock is now happening in dark pools.
Shareholders have raised concerns around falling share prices despite several positive developments in the company.
The latest data shows that up to 70.52% of trading volume was re-routed off exchange in April so far.
Dark pool volume has averaged above 60% for the month of April.
Mullen’s trading volume on Monday soared to 739 million but only 47.58% of that volume was accounted for in the lit market.
The true demand for MULN stock is being suppressed, much like several tickers such as AMC who also has high short interest.
Investors on social media are urging CEO David Michery to open a lawsuit and investigation on the suppression of the company’s stock.
Currently trading below $0.10, Mullen Automotive stock risks getting delisted if it cannot meet Nasdaq’s $1 bid per share requirement.
As of Feb. 28, 2023, Mullen has $87,400,009 of cash and cash equivalents, including restricted cash, and Mullen also recently received an additional $110 million from firm commitments this month.
“I believe we have all the pieces in place between our product, factories, and strategic expertise to execute on our plans to deliver our Class 1 and Class 3 vehicles this year,” said David Michery, CEO and chairman of Mullen Automotive.
“Furthermore, we continue to invest and move at a fast clip with the Mullen FIVE program, which will soon be approaching vehicle engineering freeze, allowing us to move into the next phase of the crossover program.”
Latest Mullen Automotive Stock News
Mullen Automotive announced today that it is now working on its $680,000 federal contract agreement with the District of Columbia (DC).
The company’s subsidiary, Mullen Advanced Energy Operations (“MAEO”), will today begin execution of a $680,000 contract that was previously awarded by the District of Columbia, Washington, D.C., to EV Technologies, LLC.
The contract is for the purchase and installation of Energy Management Module units on Chevrolet Bolts within the D.C. city government’s vehicle fleet.
Mullen and EV Technologies’ team of engineers are onsite in DC today to commence installing the EMM units onto the Chevrolet Bolts and to perform the required tests included in the pilot.
Previous testing indicates that Energy Management Module (“EMM”) technology substantially increases the driving range and efficiency of any current EV battery.
But despite MULN stock having heavy dark pool trading, Mullen Automotive has had many positive news this year, with one major development now listing the sale of Class 1 EV cargo vans on the Randy Marion Automotive Group website.
Retail Activists Are Fighting to Level the Playing Field
Nearly 35,000 retail investors have signed a letter to the SEC published by We The Investors requesting improvements to market rules and new disclosures.
The letter is introducing new disclosure in lending transparency, margin transparency, netting transparency, FTD transparency, as well as disclosure of registration, and many other rules that will help level the playing field for retail investors.
The efforts aim to prevent retail investors from being taken advantage of by bigger institutional investors.
Today, institutions have a big advantage using dark pools, which have the power to suppress true retail demand.
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umm the CEO David Michery just sold almost 15million shares ($4.7m) back in February, the cash is too low (even with 200bn cash Rivian is having cash flow issues), and the production facility isn’t even off the ground… methinks dark pools are a symptom of a low hanging penny stock, not the other way around