Mullen Automotive (NASDAQ:MULN) has approved the company’s new reverse split proposal, which was introduced mid-June.
MULN stock surged more than +39% after Thursday’s shareholder meeting, sending shares above $0.17.
Proposal 3, one of the many dilutive proposals Mullen Automotive was proposing, aims to effect a reverse stock split between a 1-for-2 and 1-for-100 max ratio, per the company’s Board of Directors.
Mullen survived delisting in May when the company issued a 1-for-25 reverse stock split.
However, share prices have since fallen below Nasdaq’s $1 bid requirement putting the company stock at risk; the company only lasted 10-consecutive days above $1.
Earlier, this article had reflected the rejection of a MULN reverse stock split based on a livestream and commentary of the shareholder meeting.
Reports now suggest that the MULN reverse split has indeed been approved.
On March 8, Nasdaq said Mullen Automotive has until September 5 to meet its $1 bid requirement.
Failure to do so will result in the suspension and delisting of the stock.
Mullen Automotive Launches New App
Mullen Automotive just launched its new EV app on the Apple App store, Mullen Commercial Pulse Driver.
The app aims at connecting with Mullen commercial EV owners by providing them with instant vehicle information such as battery power/miles left, nearby charging stations, roadside assistance, and the ability to lock and unlock their vehicle.
Company’s will also have access to real-time vehicle location and intelligent routing support, making it an ideal application for business owners arming their company with a Mullen Automotive fleet.
“Mullen Automotive is committed to helping fleets improve cost savings, safety, training, productivity and emissions impact.
Commercial Pulse provides managers and drivers a connected fleet of vehicles with maintenance alerts, real-time vehicle location, driver safety, batter state of charge, metrics and more.
Drivers can utilize Commercial Pulse for routing assistance, real-time vehicle location, charging station locator, roadside assistance and more.”
The company has not made an official announcement yet but the app is now available for download.
For more Mullen Automotive news and updates, join the newsletter below.
Also Read: Mullen Has Now Been Investigating Naked Short Selling Since April
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Wrong. The Reverse Split was approved.