Category: MULN Stock News

Mullen Now Gets Saved From Delisting by Nasdaq

Mullen Automotive (NASDAQ:MULN) has now been saved from delisting by Nasdaq according to the company’s latest announcement.

Nasdaq Hearings Panel has granted Mullen’s request to continue its listing on The Nasdaq Capital Market, subject to the following conditions:

  1. on or before Jan. 22, 2024, the Company must demonstrate compliance with Listing Rule 5550(a)(2), by maintaining a closing bid price of $1 per share for 20 consecutive trading sessions; and
  2. on or before March 8, 2024, the Company must demonstrate compliance with Listing Rule 5620(a) by holding an annual shareholder meeting.

“While the Company held an annual meeting on Aug. 3, 2023, and the proposals that were approved at such meeting including the election of directors are, and remain, valid, the Nasdaq Listing Qualifications Department determined that the meeting did not satisfy Listing Rule 5620(a) since the Company did not afford stockholders the opportunity to discuss Company affairs with management at the meeting.

In order to demonstrate compliance, the Company plans to hold a combined 2023 and 2024 annual meeting,” the press release stated.

“I am pleased Nasdaq gave the Company this opportunity to continue implementing its business plan.

We are diligently working to regain and maintain compliance with Nasdaq’s continued listing requirements,” said David Michery, CEO and chairman of Mullen Automotive.

Shares of the company rose more than +22% on Thursday to $0.32 following the announcement.

However, shares are down more than -38% in the past month, and more than -99% this year-to-date.

Mullen Automotive recently provided an update to shareholders on its latest short selling lawsuit against TD Ameritrade, Charles Schwab, and others.

The company alleges that these broker dealers engaged in a scheme to manipulate the share price of the Company’s securities and now seeks compensatory damages.

Other Market News Today

Market News Today - Mullen Now Gets Saved From Delisting by Nasdaq.
Market News Today – Mullen Now Gets Saved From Delisting by Nasdaq.

Hedge funds will now disclose which companies they sell short to the Securities and Exchange Commission (SEC), reports the WSJ.

“Traders will get a broader look at which public companies are being targeted by short sellers under rules the Securities and Exchange Commission adopted Friday as part of its response to the 2021 GameStop trading frenzy.

In a short sale, a trader bets against a stock by borrowing shares and then selling them in hopes the shares’ price will decline before the trader must return them to the lender.

In the case of GameStop, individual investors sought to create a “short squeeze” by forcing short sellers to buy stock to cover their positions, boosting share prices.”

SEC commissioners voted 3-2 on Friday to adopt two rules—one aimed at large short sellers, and the other at lenders of securities. 

“These are two opaque areas of the market, short selling and securities lending,” Gensler said.

The SEC Chair says that the changes should promote greater transparency and efficiency in the market.

Republican SEC Commissioner Mark Uyeda said the changes could discourage short selling and, therefore, curb the market’s ability to appropriately price assets.

“The final rule places burdensome and costly reporting requirements on investment managers instead of adjusting, consolidating, and leveraging data already collected,” said Bryan Corbett, president of the Managed Funds Association, a group of hedge funds.

Ken Griffin’s Citadel Securities is now suing the SEC over its new market transparency rules meant to keep institutions under tighter surveillance.

The hedge fund was recently fined $7 million for marking short sales as long for five years.

“Compliance with the order marking requirements of Reg SHO is a key component of regulatory efforts to curtail abusive market practices, including ‘naked’ short selling,” says Mark Cave, Associate Director of the SEC’s Division of Enforcement.

Also Read: SEC’s Director of Enforcement Now Under Investigation for Corruption

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Market News Today - Mullen Now Gets Saved From Delisting by Nasdaq.
Market News Today – Mullen Now Gets Saved From Delisting by Nasdaq.

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Mullen Provides New Update on Illegal Short Selling Lawsuit

Mullen Automotive (NASDAQ:MULN) has provided shareholders with a new update on its illegal short selling lawsuit.

The lawsuit involves TD Ameritrade, Charles Schwab, National Finance Services, and others.

Mullen Automotive alleges that these broker dealers engaged in a scheme to manipulate the share price of the Company’s securities and now seeks compensatory damages.

On Oct. 19, 2023, Judge Analisa Torres issued an order that directed the parties as follows:

  1. Plaintiff shall file its amended complaint by Nov. 30, 2023;
  2. The parties shall jointly file their case management plan by Dec. 15, 2023;

“We are optimistic that we will expose the wrongful conduct of the Defendants and obtain an award holding them responsible for every dollar they have wrongfully extracted from Mullen and its shareholders either from Settlement or Judgment.

We intend to move this case forward as rapidly as possible,” said Wes Christian in a statement.

Alan M. Pollack, a partner in the firm of Warshaw Burstein, who also represents Mullen made the following statement regarding the lawsuit:

“This case raises certain unique legal issues concerning how broker-dealers manipulate the marketplace and how such manipulation impacts retail investors.

Counsel will diligently work to expose defendants’ wrongdoing in order to protect the rights of Mullen and its shareholders,” he continued.

MULN stock is currently down to $0.23 on Monday, more than a -58% drop this month.

Mullen Automotive stock is also currently down more than -99% this year-to-date with the company already looking at another reverse stock split this year.

However, shareholders will need to vote on the proposal at the upcoming shareholder meeting on December 15.

“We are aggressively pursuing all remedies available to us to protect the company and our shareholders,” said David Michery, CEO and chairman of Mullen Automotive.

Also Read: Citadel Is Now Suing The SEC Over New Transparency Rules

Other Mullen Automotive News Today

Market News Today - Mullen Provides New Update on Illegal Short Selling Lawsuit.
Market News Today – Mullen Provides New Update on Illegal Short Selling Lawsuit.

Mullen has appointed a new Chief Strategy Officer to strengthen the company.

The company announced on Monday that Marianne McInerney will focus on growth opportunities and drive strategic initiatives for Mullen’s commercial, consumer vehicles and governmental affairs.

“McInerney has been immersed in the automotive and transportation industry for almost two decades during which she has advised multiple OEMs, governmental entities and tier one suppliers.

Prior to Mullen, McInerney held key roles at next-generation vehicle OEMs, the U.S. Department of Transportation, and the American International Automobile Dealers Association.

McInerney served as Assistant Secretary and Director of Public Affairs for the U.S. Department of Transportation under Secretary Elaine L. Chao.

In her role with Mullen, Marianne will focus on sales, marketing and growth opportunities with Mullen’s commercial and passenger vehicle programs, and overall strategic business opportunities for the company.

She will also oversee all state and federal governmental affairs for the company,” the company stated.

“Mullen is a strategically driven organization and its product line of advanced EVs for both commercial and consumer audiences are unrivaled,” said McInerney, Chief Strategy Officer of Mullen Automotive.

“When I combine Mullen’s product innovation and strategy with their U.S. assembly and manufacturing facilities and well-curated team, Mullen has a competitive EV story and I am excited to put my experience and relationships with fleets and dealers to drive value across the organization.”

“Marianne is a key addition to our team and her leadership and experience will set a growth strategy to expand and drive strong top and bottom-line impacts for Mullen at the commercial, consumer and governmental levels.

She brings a vast level of domestic and international OEM experience and will deliver innovative strategies to strengthen our market share globally,” said David Michery, CEO and chairman of Mullen Automotive.

Also Read: SEC Commissioner Now Says Securities Lending Facilitates Illegal Trading

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Market News Today - Mullen Provides New Update on Illegal Short Selling Lawsuit.
Market News Today – Mullen Provides New Update on Illegal Short Selling Lawsuit.

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Mullen Now Plans To Effect A New Reverse Stock Split

Mullen Automotive announced on Thursday that it has filed a preliminary statement with the SEC to effect a new reverse stock split.

According to the filing, the ratio would range between 1-for-2 to 1-for-100.

However, shareholders would need to approve this proposal at the stockholder’s meeting on December 15, 2023.

“Mullen expects that the primary focus of the Board in determining whether or not to effectuate the Reverse Stock Split will be the ability to obtain and maintain a continued price of at least $1.00 per share of its common stock on The Nasdaq Capital Market without effecting the Reverse Stock Split.

The Reverse Stock Split will only be implemented if necessary to regain compliance with Nasdaq Listing Rule 5550(a)(2), which sets forth a minimum bid price of $1.00.

The Board will determine the final split ratio after stockholder approval and would retain the authority to abandon the Reverse Stock Split at any time or to delay or postpone it,” the press release said.

“Completion of the proposed Reverse Stock Split is subject to market and other customary conditions, including obtaining stockholder approval.

However, there are no assurances that the Reverse Stock Split will be completed, that it will result in an increased per share price or achieve its other intended effects.

The Board reserves the right to elect not to proceed with the Reverse Stock Split if it determines that implementing it is no longer in the best interests of the Company and its stockholders.”

Mullen’s CEO David Michery made no comment on the company’s new proposal to dilute shareholders.

Shares of the company are currently trading below $0.25.

MULN stock is down more than -53% in the past month and more than -99% in the past year-to-date.

Also Read: For Five Years Citadel Marked Short Sales As Long

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Market News Today - Mullen Now Plans To Effect A New Reverse Stock Split.
Market News Today – Mullen Now Plans To Effect A New Reverse Stock Split.

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Mullen Provides New Update on Vehicle Production and Deliveries

Mullen Automotive has provided shareholders with a new update on its vehicle production and deliveries for the year.

The company announced on Monday that it is on track to deliver 150 EVs to Randy Marion Automotive Group for the remainder of 2023.

According to Mullen, the first ten Class 3 vehicles were delivered to RMA on Sept. 28, 2023.

The company says it expects to deliver more than 150 Class 3 vehicles to Randy Marion this year and to fulfill the balance of the 1,000 Class 3 vehicle purchase order by 2024, where the production schedule has been set at 850 trucks.

Mullen Automotive has stated that Class 3 production capacity at the Tunica facility is currently planned at 3,000 annually per shift, allowing units to be added to the schedule as additional customers are confirmed.

“Class 1 EV cargo van production is on track to begin in Q4 2023 with the Company producing an estimated 300 vehicles.

The total Class 1 EV cargo van production for CY 2024 is planned for 6,000 vehicles allowing the RMA purchase order to be fulfilled.

Class 1 production capacity at the Tunica, Mississippi, facility is currently planned at 10,000 annually per shift.

As electric vehicle adoption rates increase, Mullen intends to add a second shift for Class 1 production, which will increase capacity to 20,000 total vehicles per year,” the company said on Monday.

“I am proud to say both our Class 3 production acceleration and our Class 1 manufacturing preparations are on track at our Tunica assembly plant.

We have firmed up our production schedules for 2024, which align with our existing customer orders and provide ample room for additional customer demand,” said David Michery, CEO and chairman of Mullen Automotive.

Also Read: Mullen Appoints A New Chief Strategy Officer to Strengthen Company

Other Mullen Automotive News Today

Market News Today - Mullen Provides New Update on Vehicle Production and Deliveries.
Market News Today – Mullen Provides New Update on Vehicle Production and Deliveries.

On Friday, Mullen Automotive shared an update on the company’s notice of delisting.

On October 3, 2023, the Company received an additional written notice from the Staff indicating that the Staff had concluded that the Company did not hold an annual meeting in the fiscal year ended September 30, 2023, that met the Nasdaq annual meeting standard.

While the Company held an annual meeting on August 3, 2023 and the proposals that were approved at the meeting including the election of directors are, and remain, valid, the Staff determined that such meeting did not satisfy the Annual Meeting Rule since the Company did not afford stockholders the opportunity to discuss Company affairs with management at the meeting as required under Nasdaq Listing Rule IM-5620.

The Company will present its plan to demonstrate compliance with the Annual Meeting Rule at the previously scheduled Bid Price Rule hearing and the Panel will consider this matter in their decision regarding the Company’s continued listing on The Nasdaq Capital Market.

CEO David Michery said in September that the company’s balance sheet is strong in a new update to shareholders.

MULN stock has now fallen more than -40% in the past month and is currently down more than -99% this year-to-date.

“I am very disappointed by the performance of our stock. 

As I have previously publicly stated, I do not believe the trading price of our stock even closely resembles the Company’s actual value.

It is evident that, regardless of meeting significant corporate milestones, stock traders continue to place downward pressure on the stock, causing the price to fall.

previously announced that the Company engaged Share Intel and other parties to investigate what I suspect to be unlawful trading practices in our stock,” the CEO said in August.

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Market News Today - Mullen Provides New Update on Vehicle Production and Deliveries.
Market News Today – Mullen Provides New Update on Vehicle Production and Deliveries.

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