Category: MULN Stock (Page 1 of 7)

Mullen Just Sold A New Batch of Its EVs to NYPA

September 21, 2023 / Frank Nez / 1 Comment

Mullen Automotive (NASDAQ:MULN) just sold a new batch of its EVs to the NYPA after a successful 60-day pilot program.

Shares of the startup EV company rose more than +4% on Thursday following the announcement.

“Today the New York Power Authority (“NYPA” or the “Power Authority”) has purchased Mullen’s Campus Delivery Cargo Vans after successful completion of an EV pilot program at NYPA’s 16-turbine hydroelectric facility in northern New York.

The 60-day EV cargo van pilot began on July 6, 2023, and concluded in early September 2023.

As a result, NYPA will purchase the initial pilot vehicles for fleet operations at its St. Lawrence-Franklin D. Roosevelt Power Project, NYPA’s first active power plant, which opened in 1958.

The Power Authority is assessing additional NYPA locations for Mullen’s full lineup of commercial EVs, including Class 1 EV cargo vans and Class 3 EV cab chassis trucks,” stated the company in its press release.

“It’s great to see our EVs enter the Northeast market with the New York Power Authority, our nation’s largest public utility, using our delivery utility model for campus transportation.

Our EV cargo van is a perfect fit for large, closed workplace campus scenarios,” said David Michery, CEO and chairman of Mullen Automotive.

The New York Power Authority is the largest state public power organization in the U.S., operating 16 generating facilities and more than 1,400 circuit miles of transmission lines.

NYPA is at the forefront of producing and bringing clean, reliable energy to the state of New York.

NYPA’s vision is to create a thriving, resilient New York State powered by clean energy and is leading the transition to a carbon-free, economically vibrant New York through customer partnerships, innovative energy solutions, and the responsible supply of affordable clean and reliable electricity.

Other Mullen Automotive News Today

Mullen Automotive announced on Monday the launch of new AI tech for its vehicles.

Shares of the company fell more than -11% despite the positive development.

Today the company announces the launch of Commercial Pulse, an advanced telematics solution for customers providing a complete solution for vehicle diagnostics and fleet optimization.

“Mullen’s Commercial Pulse is an advanced telematics AI system providing drivers and fleet companies a connected fleet of vehicles with maintenance alerts, real-time vehicle location, driver safety, battery state of charge, metrics, and more.

The end-user dashboard features asset and trip management, electric vehicle and driver performance, geofencing, and reporting.

Commercial Pulse is available via two mobile applications – Mullen Commercial Pulse Fleet and Mullen Commercial Pulse Driver – on both iOS and Android platforms.

Mullen Commercial Pulse Fleet provides insights and access, including a variety of management functions like vehicle health, maintenance, battery, and safety/security alerts.

Mullen Commercial Pulse Driver improves driver practice and time management with features like routing assistance, real-time vehicle location, charging station locator, and roadside assistance,” the company said.

“We are excited to introduce Commercial Pulse, a fleet telematics software maximizing uptime and providing the tools and data needed to manage vehicle operations,” said John Schwegman, Mullen’s Chief Commercial Officer. “As we have seen in our early customer pilots and engineering fleet, and by continuously monitoring vehicle performance, our system can detect potential maintenance issues before breakdowns, empowering businesses to streamline operations and enhance efficiencies.”

“In an era where data is all around us, Commercial Pulse provides fleet managers with an easy-to-understand dashboard with information needed to optimize fleets and driver operations,” said David Michery, Mullen’s CEO.

“It’s an exciting time when we can showcase the fleet efficiencies, emissions savings, and energy reduction on our commercial portfolio.”

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Mullen Launches New Tech For Its Vehicles

September 18, 2023 / Frank Nez / 1 Comment

Mullen Automotive (NASDAQ:MULN) announced on Monday the launch of new AI tech for its vehicles.

Shares of the company fell more than -11% despite the positive development.

Today the company announces the launch of Commercial Pulse, an advanced telematics solution for customers providing a complete solution for vehicle diagnostics and fleet optimization.

The end-user dashboard features asset and trip management, electric vehicle and driver performance, geofencing, and reporting.

Commercial Pulse is available via two mobile applications – Mullen Commercial Pulse Fleet and Mullen Commercial Pulse Driver – on both iOS and Android platforms.

Mullen Commercial Pulse Fleet provides insights and access, including a variety of management functions like vehicle health, maintenance, battery, and safety/security alerts.

“It’s an exciting time when we can showcase the fleet efficiencies, emissions savings, and energy reduction on our commercial portfolio.”

Other Mullen Automotive News

Mullen Automotive has now become an approved vendor for British Airways, an SEC filing published on Friday shows.

British Airways is the flag carrier of the United Kingdom.

It is headquartered in London, England, near its main hub at Heathrow Airport and is the second largest UK-based carrier, based on fleet size and passengers carried, behind easyJet.

“In April 2023, British Airways began piloting Mullen’s Campus EV cargo van at Los Angeles International Airport (“LAX”).

Subsequently and after the success of the pilot, both LAX and Chicago O’Hare International Airport locations have purchased Campus EV cargo vans in support of BA airport ground operations.

The transactions for both the LAX and ORD closed with the receipt by Mullen of payment from British Airways on August 31, 2023.

On July 12, 2023, BA Engineering entered into a separate Campus EV cargo van pilot agreement for George Bush International Airport in Houston, TX.

IAH is currently pending a purchase decision.

Mullen is now an approved vendor for additional BA airport locations.”

Shares of the company are still down more than -99%.

“We believe the Company and its shareholders have been significantly harmed by certain traders and their brokers and market makers, such as the named Defendants in the lawsuit, that have facilitated this unlawful conduct.

Rest assured, we will use all legal measures at our disposal to stop illegal trading activities and to protect the Company and its shareholders,” said Mullen CEO David Michery.

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Will Mullen’s New Developments Save the Company From Delisting?

September 11, 2023 / Frank Nez / 1 Comment

Will Mullen’s New Developments Save the Company From Delisting? The company announced on Monday the purchase of battery pack production assets from Romeo Power for approximately $3.5 million.

The deal includes equipment, inventory, and intellectual property for high-volume EV (electric vehicle) battery pack and module production.

The Romeo Power assets include production lines for EV pack assembly and precision R&D module and pack development with associated inventory, allowing for the production of modules and vehicle battery packs.

Additionally, the purchased assets include battery testing and validation equipment, computer numerical control (CNC) equipment for battery pack, and module enclosure production.

The purchase also includes all furniture and fixtures.

Establishing internal capabilities for building the Company’s own battery packs and modules reduces reliance on third-party suppliers and lessens the risk associated with supply chain and component shortages.

The Romeo assets will be transferred to Mullen’s high-voltage facility in Monrovia, California, enabling the Company to integrate the assets into its existing facility at a lower cost while enhancing the existing battery pack production capabilities, the press release said.

“Purchasing the Romeo assets is consistent with our battery pack production path and previous announcements for our high voltage facility in Monrovia.

Overall, this purchase further enhances our capabilities for battery pack production right here in California and the U.S.,” said David Michery, CEO and chairman of Mullen Automotive.

Shares of the EV company rose more than +10% on Monday following the announcement, though shares have now fallen more than -99% this year-to-date.

Will Mullen’s latest developments save the company from delisting? Here’s what’s happening with the company today.

Also Read: Mullen Files A New Lawsuit Against TD Ameritrade and Others

Mullen Now Becomes An Approved Vendor For British Airways

Mullen Automotive has now become an approved vendor for British Airways, an SEC filing published on Friday shows.

British Airways is the flag carrier of the United Kingdom.

It is headquartered in London, England, near its main hub at Heathrow Airport and is the second largest UK-based carrier, based on fleet size and passengers carried, behind easyJet.

A day prior to the news, the company announced that they had received an official delisting notice from Nasdaq.

However, Mullen has requested an extension and to present a plan to regain compliance of Nasdaq’s $1 bid requirement.

“Had the Company not requested this hearing, it would have been subject to delisting on Sept. 15, 2023.

Ultimately, there is no guarantee that the Panel will grant an extension of the compliance period,” the company said.

Mullen Automotive has stated that it believes the company is under attack by illegal short selling and is currently investigating their options around this.

The company have even opened a new lawsuit against TD Ameritrade, Charles Schwab, National Finance Services, and others alleging that these broker-dealers engaged in a scheme to manipulate the share price of the Company’s securities.

This lawsuit seeks compensatory damages and injunctive relief from Defendants arising from their unlawful conduct in violation of Section 10b and Rule 10b-5 promulgated thereunder of the Securities Exchange Act of 1934.

Official Statement from the CEO:

“MULN is one of the largest traded stocks on the NASDAQ, and it has seen a precipitous decline in value despite announcements highlighting many Company successes.

I have been extremely frustrated by the performance of our stock and long-suspected illegal short-selling activities.

That is why we engaged Share Intel and the law firms of Christian Attar and Warshaw Burstein to investigate this matter further to protect the Company and its loyal shareholder base.

I am hopeful that this lawsuit sends a clear and unequivocal message to anyone considering any form of illegal trading of Mullen stock.

Our company has a zero-tolerance approach when it comes to manipulative trading practices.

We believe the Company and its shareholders have been significantly harmed by certain traders and their brokers and market makers, such as the named Defendants in the lawsuit, that have facilitated this unlawful conduct.

Rest assured, we will use all legal measures at our disposal to stop illegal trading activities and to protect the Company and its shareholders,” said Mullen CEO David Michery.

Will Mullen Automotive Be Able to Prevent Delisting?

Mullen Automotive will require Nasdaq to approve an extension to prevent delisting.

Otherwise, the CEO will need to look at a massive buyback as an option to drive the company’s share price above $1.

The third way delisting may become preventable is if shareholders create enough buying pressure to send shares up.

Short sellers have the most leverage, especially when it comes to these institutions, so it’s going to be a challenge.

However, getting MULN stock to trade above $1 is still very possible.

Investors should be aware of the risks associated to this play.

But I’m curious to know your thoughts on Mullen Automotive. Will the company’s new developments save it from delisting? Leave your thoughts below.

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Mullen Now Becomes An Approved Vendor For British Airways

September 8, 2023 / Frank Nez / 1 Comment

Mullen Automotive (NASDAQ:MULN) has now become an approved vendor for British Airways, an SEC filing published on Friday shows.

British Airways is the flag carrier of the United Kingdom.

It is headquartered in London, England, near its main hub at Heathrow Airport and is the second largest UK-based carrier, based on fleet size and passengers carried, behind easyJet.

“In April 2023, British Airways began piloting Mullen’s Campus EV cargo van at Los Angeles International Airport (“LAX”).

Subsequently and after the success of the pilot, both LAX and Chicago O’Hare International Airport locations have purchased Campus EV cargo vans in support of BA airport ground operations.

The transactions for both the LAX and ORD closed with the receipt by Mullen of payment from British Airways on August 31, 2023.

On July 12, 2023, BA Engineering entered into a separate Campus EV cargo van pilot agreement for George Bush International Airport in Houston, TX.

IAH is currently pending a purchase decision.

Mullen is now an approved vendor for additional BA airport locations.”

MULN stock rose on Friday up to +2%, though shares have fallen more than -99% this year-to-date.

Rest assured, we will use all legal measures at our disposal to stop illegal trading activities and to protect the Company and its shareholders,” said Mullen CEO David Michery.

A lawsuit was filed in the United States District Court, in the Southern District of New York, against TD Ameritrade, Charles Schwab, National Finance Services and others alleging that these broker-dealers engaged in a scheme to manipulate the share price of the Company’s securities.

Also Read: Investors Vote for Mullen CEO to Focus on Illegal Trading

Mullen Automotive News Today

It’s official. Mullen Automotive has now received a delisting notice from Nasdaq, the company announced on Thursday.

The letter indicates that the Company did not meet the Staff’s Sept. 5, 2023, deadline to regain compliance with Nasdaq Listing 5550(a)(2) due to the Company’s failure to maintain a minimum bid price of $1.00.

“On Sept. 6, 2023, the Company requested a hearing before the Nasdaq Listing Qualifications Panel to request a further extension of time and present its plan to regain compliance with Nasdaq Listing 5550(a)(2).

Had the Company not requested this hearing, it would have been subject to delisting on Sept. 15, 2023.

The requested hearing typically stays any delisting or suspension action pending the issuance of a final decision by the Panel.

The Panel has broad discretionary public interest authority, which includes the discretion to grant the Company up to an additional 180 calendar days from Sept. 5, 2023, to regain compliance.

The Panel can also exercise that authority to apply additional or more stringent criteria for the continued listing of the Company’s common stock or suspend or delist securities.

Ultimately, there is no guarantee that the Panel will grant an extension of the compliance period,” the company said.

Shares of the EV company fell more than -8% on Wednesday, now marking losses of more than -99% this year-to-date.

On Thursday, shares fell an additional -6%.

“$MULN Rest assured that if and when we receive a delisting notice, we have every intention of filing an appeal immediately upon receipt, which postpones the delisting process until the panel makes a decision.” – CEO David Michery, said on Wednesday.

Can anything be done to save Mullen Automotive from delisting? Leave your thoughts in the comment section down below.

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Will Mullen’s New Manipulation Lawsuit Save The Company?

August 31, 2023 / Frank Nez / 1 Comment

Will Mullen’s (NASDAQ:MULN) new manipulation lawsuit save the company from piling short sellers?

The company’s short interest has spiked to 23.69%, indicating an increase in shorting activity in the EV company.

On Tuesday Mullen Automotive announced that it has filed a lawsuit in the United States District Court, in the Southern District of New York, against TD Ameritrade, Charles Schwab, National Finance Services and others alleging that these broker-dealers engaged in a scheme to manipulate the share price of the Company’s securities.

The lawsuit seeks compensatory damages and injunctive relief from Defendants arising from their unlawful conduct in violation of Section 10b and Rule 10b-5 promulgated thereunder of the Securities Exchange Act of 1934.

“MULN is one of the largest traded stocks on the NASDAQ, and it has seen a precipitous decline in value despite announcements highlighting many Company successes.

I have been extremely frustrated by the performance of our stock and long-suspected illegal short-selling activities.

That is why we engaged Share Intel and the law firms of Christian Attar and Warshaw Burstein to investigate this matter further to protect the Company and its loyal shareholder base.

I am hopeful that this lawsuit sends a clear and unequivocal message to anyone considering any form of illegal trading of Mullen stock.

Our company has a zero-tolerance approach when it comes to manipulative trading practices.

Rest assured, we will use all legal measures at our disposal to stop illegal trading activities and to protect the Company and its shareholders,” said Mullen CEO David Michery.

“Like you, we saw the press release this morning but have not yet reviewed the filing,” a spokesperson from Charles Schwab told FrankNez Tuesday morning.

Mullen Automotive Falls -99% This Year-to-Date

Shares of the EV company have now fallen more than -99% this year-to-date and continue to hit new all-time lows.

“My law firm and my co-counsel, Alan Pollack, from Warshaw Burstein, together with our team of experts and analysts, are committed to representing companies like Mullen who are targets of dishonest broker-dealers who employ schemes and devices to manipulate the share price of their companies securities.

The Mullen lawsuit involves concerted efforts by the Defendants to destroy Mullen’s share price by engaging in an abusive short-selling scheme.

This scheme was intended to inject false and misleading information about Mullen into the market, which has caused many shareholders to sell their investments in Mullen.

Like our client, we are committed to protecting the rights and interests of their shareholders who we believe have been victimized by unscrupulous broker-dealers who have perpetrated fraud on the marketplace,” said Wes Christian in a statement.

In February, I published a report highlighting 3 signs pointing towards naked short selling in Mullen Automotive, but is it too late?

Shareholder value has been decimated by several reverse stock split, and it looks like Mullen might be headed that way again, that is unless massive buy volume is able to raise the stock’s price over Nasdaq’s $1 bid level.

Filings show that these brokers have officially been summoned by the court, now its just a waiting game to see what comes from it.

Will Mullen’s new manipulation lawsuit save the company? What do you think? Leave your thoughts in the comment section down below.

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Mullen Has Now Repurchased $5.6 Million in Shares

August 30, 2023 / Frank Nez / 1 Comment

Mullen Automotive (NASDAQ:MULN) has now repurchased $5.6 million in shares of its common stock, the company reported on Tuesday.

The company’s buyback program started on August 16 and may continue through December 31, 2023.

As of today, Mullen Automotive has repurchased $5,610,600 in shares of its common stock with $19,389,400 left from its 2023 buyback program.

“As I have stated on many prior occasions, I believe that our stock is undervalued. The Company has a strong balance sheet and we continue to execute on our business plan, including our recent Class 3 production start with the first vehicles rolling off the line,” said David Michery, CEO and chairman of Mullen Automotive.

On July 6, 2023, the Board of Directors (the “Board”) of the Company authorized a stock buyback program, pursuant to which the Company may, until Dec. 31, 2023, purchase up to $25 million in shares of its outstanding common stock.

The shares may be repurchased, from time to time, in the open market or in privately negotiated transactions depending upon market conditions and other factors, and in accordance with applicable regulations of the Securities and Exchange Commission (the “SEC”).

The authorization of the stock buyback program does not obligate the Company to purchase any shares and may be terminated or amended by the Board at any time prior to its expiration date.

has now filed a new lawsuit against TD Ameritrade and other large stock brokerage firms, the company announced on Tuesday.

On Tuesday, Mullen also announced that it has filed a lawsuit in the United States District Court, in the Southern District of New York, against TD Ameritrade, Charles Schwab, National Finance Services and others alleging that these broker-dealers engaged in a scheme to manipulate the share price of the Company’s securities.

Today, Mullen Automotive shares are down more than -99% this year-to-date.

Will Mullen Automotive be able to save the company as well as shareholder value? Leave your thoughts below.

“MULN is one of the largest traded stocks on the NASDAQ, and it has seen a precipitous decline in value despite announcements highlighting many Company successes.

I have been extremely frustrated by the performance of our stock and long-suspected illegal short-selling activities.

That is why we engaged Share Intel and the law firms of Christian Attar and Warshaw Burstein to investigate this matter further to protect the Company and its loyal shareholder base.

I am hopeful that this lawsuit sends a clear and unequivocal message to anyone considering any form of illegal trading of Mullen stock.

Our company has a zero-tolerance approach when it comes to manipulative trading practices.

Rest assured, we will use all legal measures at our disposal to stop illegal trading activities and to protect the Company and its shareholders,” said Mullen CEO David Michery.

“Like you, we saw the press release this morning but have not yet reviewed the filing,” a spokesperson from Charles Schwab told FrankNez.

This is a developing story – for daily market news and updates, opt in for push notifications or follow me on social media below.

Also Read: TD Bank is Now Under Federal Investigation

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Market News Today - Mullen Has Now Repurchased $5.6 Million in Shares. — Market News Today – Mullen Has Now Repurchased $5.6 Million in Shares.

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Investors Vote for Mullen CEO to Focus on Illegal Trading

August 28, 2023 / Frank Nez / 2 Comments

Investors have now voted for Mullen CEO David Michery to focus on illegal trading after a poll went live on Twitter last Friday.

“$MULN Automotive is fueled by diversity and innovation. Which aspect do you think drives our success the most? Cast your vote and let us know what YOU think will be the secret behind our greatness!” said the CEO on social media.

Out of nearly 2,500 votes, 58.5% said the focus on illegal trading was most important to them.

$MULN Automotive is fueled by diversity and innovation. Which aspect do you think drives our success the most? Cast your vote and let us know what YOU think will be the secret behind our greatness! 👇 #ImagineWhatsPossible #MullenUSA
— David Michery (@DavidMichery) August 25, 2023

The CEO also published the following statement on LinkedIn Thursday morning in regards to illegal trading activity in Mullen Automotive stock:

“With unwavering commitment, I prioritize the well-being of my shareholders and our company. We have a zero tolerance policy for anyone attempting to illegally trade our stock.

#shareholdersfirst #mullenusa #tunicateamwork #mullenautomotive“

David Michery says that new data regarding the potential manipulation of the stock should be coming soon.

“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 (i.e., vehicle production completion within projected timelines), stock traders continue to place downward pressure on the stock, causing the price to fall.

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

We are assembling all the data received to date and should have something to announce in the coming days.

The Company and I have demonstrated our commitment to the success of our initiatives by purchasing its stock through the previously announced Share Buy Back program.

I have also personally recently purchased stock, demonstrating my unwavering confidence in our Company,” the CEO stated in his letter.

Also Read: Mullen Announces The Start of New Stock Buyback Program

Other Mullen Automotive News

The first Mullen vehicles have now rolled off the assembly line at its Tunica, Mississippi-based facility, the company announced on Monday.

“We have been true to our commercial Class 3 vehicle production commitments and have now achieved a significant milestone with the first trucks rolling off the line,” said David Michery, CEO and chairman of Mullen Automotive, Inc.

“Mullen will be gradually ramping up production rate through the balance of this calendar year.

Once full acceleration has been achieved, Class 3 production capacity at the Tunica facility is currently planned at 3,000 vehicles annually per shift.

As electric vehicle adoption rates increase, Mullen plans to add a second shift for Class 3 production, which will increase capacity to 6,000 total vehicles per year.

During the ramp up in volume of the Mullen THREE, the production testing and launch of the Mullen ONE, Class 1 EV Cargo Van will also take place in Tunica, achieving deliveries on customer orders for both commercial Class 1 and Class 3 vehicles by year end,” the company said.

To date, the Company has received $79 million in purchase orders for the Mullen THREE, Class 3 EV trucks from Randy Marion Automotive Group and MGT Lease Company.

Mullen’s Tunica commercial manufacturing center includes over 120,000 square feet and is situated on over 100 acres.

The facility is focused on production of Class 1 and Class 3 commercial EV vehicles and is in close proximity to all major rail lines, interstates, Mississippi river systems, and air logistics, placing it in a primary logistical center of North America.

The Mullen THREE, with a MSRP starting at $68,500, qualifies for $7,500 in federal tax incentives, is an efficient Class 3 low cab forward EV truck featuring an 11,000 Gross Vehicle Weight Rating, a tight turning diameter of 38 feet, and excellent visibility for superior maneuverability on narrow city streets.

This versatile chassis provides a clean top-of-rail for easy upfitting with bodies up to 14 feet long and over 5,800 pounds of payload.

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Mullen CEO Now Comments on Illegal Short Selling Activity

August 24, 2023 / Frank Nez

Mullen Automotive (NASDAQ:MULN) CEO David Michery has now commented on the illegal short selling activity likely occurring in the company stock.

On Wednesday, the CEO published a letter to shareholders also discussing the ongoing decline in MULN stock.

However, the CEO published the following statement on LinkedIn Thursday morning:

“With unwavering commitment, I prioritize the well-being of my shareholders and our company. We have a zero tolerance policy for anyone attempting to illegally trade our stock.

#shareholdersfirst #mullenusa #tunicateamwork #mullenautomotive“

MULN stock rose past $0.92 before coming back down and trading slightly above $0.80 per share.

David Michery says that new data regarding the potential manipulation of the stock should be coming soon.

“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.

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

We are assembling all the data received to date and should have something to announce in the coming days.

The Company and I have demonstrated our commitment to the success of our initiatives by purchasing its stock through the previously announced Share Buy Back program.

I have also personally recently purchased stock, demonstrating my unwavering confidence in our Company,” the CEO stated in his letter.

Latest Mullen Automotive News

The first Mullen (NASDAQ:MULN) vehicles have now rolled off the assembly line at its Tunica, Mississippi-based facility, the company announced on Monday.

“Mullen will be gradually ramping up production rate through the balance of this calendar year.

Once full acceleration has been achieved, Class 3 production capacity at the Tunica facility is currently planned at 3,000 vehicles annually per shift.

As electric vehicle adoption rates increase, Mullen plans to add a second shift for Class 3 production, which will increase capacity to 6,000 total vehicles per year.

To date, the Company has received $79 million in purchase orders for the Mullen THREE, Class 3 EV trucks from Randy Marion Automotive Group and MGT Lease Company.

Mullen’s Tunica commercial manufacturing center includes over 120,000 square feet and is situated on over 100 acres.

This versatile chassis provides a clean top-of-rail for easy upfitting with bodies up to 14 feet long and over 5,800 pounds of payload.

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Mullen CEO Speaks on Plunging Stock Price in New Letter

August 23, 2023 / Frank Nez

Mullen Automotive (NASDAQ:MULN) CEO David Michery is now speaking out on the company’s plunging stock price in a new letter to shareholders.

Shares of the company ironically soared more than +78% on Wednesday as MULN stock tested $0.84.

In his letter, David Michery acknowledges numerous requests to the ongoing decline of the company stock.

“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.

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

We are assembling all the data received to date and should have something to announce in the coming days.

The Company and I have demonstrated our commitment to the success of our initiatives by purchasing its stock through the previously announced Share Buy Back program.

I have also personally recently purchased stock, demonstrating my unwavering confidence in our Company,” the CEO stated in his letter.

Shares of the company hit a 52-week low on Wednesday before share began to rise.

MULN stock is currently down more than -98% this year-to-date.

Below is the full letter from the Mullen CEO to shareholders.

Mullen CEO Letter to Shareholders

“The Company has received numerous requests to respond to the ongoing decline of our stock. Many of these communications have been addressed to me personally with less than kind, and sometimes threatening statements.

As CEO of this Company, I take all shareholders’ concerns seriously. One of my primary responsibilities is to execute the Company’s business plan, and as evidenced by multiple prior communications to the public, the Company continues to make significant strides in that regard. I will summarize some of those at the end of this statement.

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 (i.e., vehicle production completion within projected timelines), stock traders continue to place downward pressure on the stock, causing the price to fall.

I previously announced that the Company engaged Share Intel and other parties to investigate what I suspect to be unlawful trading practices in our stock. We are assembling all the data received to date and should have something to announce in the coming days.

I am extremely frustrated that the hard work of Mullen‘s dedicated team and the significant momentum and successes achieved to date are overshadowed by the unrealistic value attributed to our stock. The Company and I have demonstrated our commitment to the success of our initiatives by purchasing its stock through the previously announced Share Buy Back program. I have also personally recently purchased stock, demonstrating my unwavering confidence in our Company.

I remain committed to executing the Company’s business plan and using all measures at our disposal to eliminate any unlawful trading practices in our stock.

Here are some recent highlights of company success:

Mullen Automotive Highlights

Financial Highlights:

The Company had cash balances of $227.4 million on June 30, 2023.
    – Net cash used in operating activities was $113.6 million for the nine months ended June 30, 2023.
    – Net cash used in investing activities for the nine months ended June 30, 2023, was $107.4 million; primarily consisting of the ELMS acquisition where the Company acquired a 650,000 square-foot Mishawaka production facility (originally built by GM to produce Hummer vehicles).
    – For the nine months ended June 30, 2023, we raised $364.1 million in net cash provided by financing activities.
The Company’s total assets on June 30, 2023, were $600.0 million and total debt was only $7.3 million.
The Company reported $351.8 million of stockholders’ equity on June 30, 2023, as compared to $157.0 million on Sept. 30, 2022.
First revenues of $308,000 were reported for the quarter ended June 30, 2023.
Research and development expenses for the quarter ended June 30, 2023, were $22.1 million as compared to $7.3 million for the quarter ended June 30, 2022.

Operational Highlights:

Closed on controlling interest of Bollinger Motors in Sept. 2022, adding commercial class 4-6 vehicle programs along with the B1 and B2 sport utility trucks, increasing Mullen’s overall EV lineup.
Closed on the acquisition of ELMS in Dec. 2022 including all IP for Class 1 & Class 3 vehicles as well as the manufacturing plant in Mishawaka, Indiana.
The Company has received $279 million in purchase orders for Mullen Class 1 and Class 3 EV Vans and Trucks from Randy Marion Automotive Group with initial revenues from Class 3 vehicle deliveries expected during the quarter ending Sept. 30, 2023.
Delivery of first EV campus vans in March 2023.
Completed all required FMVSS testing requirements for vehicle crashworthiness and occupant safety validation for Class 1 in April 2023.
Partnered with Amerit Fleet Solutions in May 2023 to support national service, parts and warranty for all commercial vehicles.
Commercial vehicle assembly equipment transfer completed from Mishawaka, Indiana, plant to Tunica, Mississippi, facility in July 2023 enabling commercial Class 1 and Class 3 start of production.
Production milestone achieved in Aug. 2023 with the start of commercial assembly line with the first Class 3 completed vehicles rolling off the line.”

Also Read: Mullen Is Now Introducing The New Mullen FIVE RS

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Mullen Automotive Fails to Close At $1 Post New Split

August 17, 2023 / Frank Nez

Mullen Automotive (NASDAQ:MULN) has failed to close at $1 per share post the company’s new reverse stock split for the second consecutive day.

Shares of the EV company fell more than -19% on Thursday as the company announced the start of a $25 million buyback program.

Mullen said in a statement on Thursday that the Company is committed to taking all available measures to regain compliance with the NASDAQ minimum $1.00 bid price requirement.

On August 9, the company issued a 1-for-9 reverse stock split in efforts to remain compliant with Nasdaq’s $1 bid requirement.

“The Company was noticed by Nasdaq on March 7, 2023, which stated in part that “If compliance cannot be demonstrated by September 5, 2023, Staff will provide written notification that the Company’s securities will be delisted.

At that time, the Company may appeal Staff’s determination to a Hearings Panel.

However, Staff may, in its discretion, require a Company to maintain a bid price of at least $1.00 per share for a period in excess of ten consecutive business days, but generally no more than 20 consecutive business days, before determining that the Company has demonstrated an ability to maintain long-term compliance,” said Mullen in a statement.

“We believe the Company is highly undervalued and the stock buyback program represents a compelling use of our capital, reflecting confidence in our business,” said David Michery, CEO and chairman of Mullen Automotive.

“At this point, we’ve done the minimum reverse possible to try to regain compliance.

The rest will be in the retail, shareholders hands, if the stock stays above a buck or doesn’t.

At this point, we put our faith in the shareholders and retail traders.

All the good people need to rally against the individuals that are shorting the stock with malice intent, not to make money, but to cause delisting, that’s what they are doing.”

Positive Mullen Automotive Developments

Mullen Automotive is now introducing the new Mullen FIVE RS, an EV sports crossover which will be featured at this month’s “Strikingly Different” EV Tour on August 20, in Austin, Texas.

The FIVE RS is equipped with 800-volt architecture, all-wheel drive, a two-speed gearbox, and over 1,100 horsepower!

According to the company, the Mullen FIVE RS is an ultra-high-performance EV featuring a top speed of 200 mph and acceleration from 0-60 mph in under 2 seconds.

Equipped with 800-volt architecture, all-wheel drive, a two-speed gearbox, and over 1,100 horsepower, the vehicle has a performance-oriented suspension and massive 325/35R21 front and rear tires.

Specifically developed brakes provide quick stopping for the RS, which is fully race prepped to allow occupants to experience max-performance potential.

“I want to encourage shareholders to continue sharing thoughts and opinions with Mullen, and remember we are working together to achieve great things, including pushing the boundaries of EV performance and electrifying the world,” said David Michery, CEO and chairman of Mullen Automotive.

Due to the high-powered capabilities of the FIVE RS, consumers will not be allowed to test drive the vehicle directly.

Instead, Mullen will offer consumers the opportunity to ride in the Mullen FIVE RS alongside a professional race car driver, providing an up-close and personal experience in one of the fastest vehicles available globally.

Mullen will offer “front row” FIVE reservation holders the first chance to experience the Mullen FIVE RS in person on the “Strikingly Different” U.S. test drive tour.

On Thursday, shares of the stock have fallen more than -19% putting pricing below Nasdaq’s $1 bid requirement for the second consecutive day.

Leave your thoughts on what you think will happen with Mullen Automotive in the comment section of the blog down below.

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