Category: MULN Stock (Page 1 of 5)

Mullen Automotive (NASDAQ:MULN) has announced new details about the government EV testing project initiated back in April of this year.

The $680,000 contract was previously awarded by the District of Columbia, Washington, D.C., to EV Technologies, LLC. for the purchase and installation of EMM units on Chevrolet Bolts within the D.C. city government’s vehicle fleet. 

Mullen Advanced Energy Operations (“MAEO”) is supporting EV Technologies for the execution of the contract, which started on April 24, 2023.

MAEO, which is a 51%-owned subsidiary of Mullen Automotive, is a collaboration with Global EV Technology, Inc. (“Global”).

MAEO has named Lawrence Hardge to the position of Senior Vice President of Technology.

Lawrence will be overseeing all technological aspects of the Energy Management Module (“EMM”) applications, per the latest press release by Mullen.

“We look forward to completing our installation work here in D.C., and the next steps as vehicles enter the fleet with our EMM and also future opportunities with the local and federal government agencies,” said Lawrence Hardge, CEO of EV Technologies, LLC.

“As testing and installations continue in D.C., we will provide further updates,” said David Michery, CEO and chairman of Mullen Automotive.

Testing and installation is planned for completion on a total of 40 vehicles over the next few weeks.

Mullen Becomes Exclusive Partner to New Federal Contractor

Mullen became an exclusive partner to a new federal contractor in early May.

The company announced today teaming up with Rapid Response Defense Systems (“RRDS”) to fast-track U.S. Federal Government opportunities for potential large-scale vehicle fleet orders.

RRDS, one of the country’s leading small business federal contractors, has executed over 2,500 federal government delivery orders since 2014.

The company currently holds a prime seat on 12 Indefinite Delivery/Indefinite Quantity (IDIQ) federal contracts with combined funding ceilings of $4 billion.

In 2021, U.S. Secretary of Labor Martin J. Walsh recognized RRDS as a recipient of the 2021 HIRE Vets Medallion Award during an award ceremony at the U.S. Department of Labor.

“RRDS is all about providing solutions to the federal government,” said Mullen’s Manager of Government Sales Ronald Dixon.

“Whether its designing products to meet Department of Defense mission requirements or enhancing supply chain logistics, they have a remarkable success record.

In addition, RRDS will be a key vehicle supplier to the General Service Administration in an awarded 5-year multibillion-dollar vehicle contract.

We are focused on selling our EV products to the federal government and view this relationship as a strategic step in accomplishing that goal.”

“With the federal government’s strong interest in electrifying a growing portion of its vehicle fleet, Mullen’s commercial portfolio is very well positioned,” said RRDS SVP – Federal Fred Bouman.

Lawrence Hardge Hints at $10 Billion Saudi Arabia Deal

Global EV Technology founder Lawrence Hardge says Mullen Automotive has a $10 billion contract with Saudi Arabia.

“This is not what somebody said or what you heard, this is reality.

$10 billion contract with Saudi Arabia.

And more to come … Mullen and Lawrence Hardge are here to assist them, they have countries like Yemen, Israel, all of them have joined in to take this technology, and they’re going to produce it in Saudi Arabia and they’re also paying for a manufacturing plant to come to Michigan.

That’s in black and white.

So, the SEC if you’re watching, that’s already agreed upon.”

Mullen Automotive has not officially confirmed the $10bn contract with Saudi Arabia, though we have seen in the past that Mullen releases official statements months later after rumors begin to trend.

MULN stock fell -1.57% on Monday and is currently down more than -84% this year-to-date.

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Mullen Automotive (NASDAQ:MULN) has become an exclusive partner to a new federal contractor.

The company announced today teaming up with Rapid Response Defense Systems (“RRDS”) to fast-track U.S. Federal Government opportunities for potential large-scale vehicle fleet orders.

RRDS, one of the country’s leading small business federal contractors, has executed over 2,500 federal government delivery orders since 2014.

The company currently holds a prime seat on 12 Indefinite Delivery/Indefinite Quantity (IDIQ) federal contracts with combined funding ceilings of $4 billion.

In 2021, U.S. Secretary of Labor Martin J. Walsh recognized RRDS as a recipient of the 2021 HIRE Vets Medallion Award during an award ceremony at the U.S. Department of Labor.

Mullen Automotive recently announced big EV updates as well as a $263 million order from Randy Marion Automotive Group.

Global EV Technology founder Lawrence Hardge says Mullen Automotive has a $10 billion contract with Saudi Arabia.

“This is not what somebody said or what you heard, this is reality. $10 billion contract with Saudi Arabia. And more to come …”

Mullen Automotive has not yet officially confirmed the rumor.

Today, MULN stock is up more than +4%.

Official Statements

“RRDS is all about providing solutions to the federal government,” said Mullen’s Manager of Government Sales Ronald Dixon.

“Whether its designing products to meet Department of Defense mission requirements or enhancing supply chain logistics, they have a remarkable success record.

In addition, RRDS will be a key vehicle supplier to the General Service Administration in an awarded 5-year multibillion-dollar vehicle contract.

We are focused on selling our EV products to the federal government and view this relationship as a strategic step in accomplishing that goal.”

“With the federal government’s strong interest in electrifying a growing portion of its vehicle fleet, Mullen’s commercial portfolio is very well positioned,” said RRDS SVP – Federal Fred Bouman.

“Mullen’s Class 1 EV cargo van launches this year and will be the only class 1 EV van in the market. It is 100% electrified, making it a strong fit for federal government business.”

“Mullen Automotive is proud to team up with RRDS for U.S. government fleet opportunities for our Class 1 EV cargo vans,” said Mullen’s CEO and Chairman David Michery.

“We look forward to working closely with RRDS in meeting the demand for EVs across the U.S. government’s fleet of vehicles.”

Related: Mullen Launches New Details on Class 1 and 3 EVs

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Mullen Automotive (NASDAQ:MULN) announced on Wednesday that it will go through a 1-25 reverse stock split, effective Thursday May 4th.

MULN stock fell more than -21% following the announcement.

At the same time, the company announced big EV updates as well as a new $263 million purchase order from Randy Marion Automotive Group.

But even that wasn’t enough to keep shares from falling on Wednesday.

Mullen’s new 1-for-25 reverse stock split means shareholders will see less shares in the brokerage account at a higher price per share.

For every 25 shares that a shareholder owns, they will be converted to 1 share.

For example, an investor holding 100 shares of MULN stock at $0.06 will now hold 4 shares of MULN stock valued at $1.50 post a reverse stock split.

Shareholders were hoping Mullen Automotive stock would organically meet the Nasdaq requirement with a reverse stock split being the last resort.

The best scenario that can happen moving forward is big companies stepping in to buy Mullen at its dollar price, with the worst case being the stock getting shorted back to pre-split levels.

Announcement from the Company (Mullen Automotive)

“Mullen’s Common Stock will continue to trade on The Nasdaq Capital Market (“Nasdaq”) under the existing symbol “MULN” and will begin trading on a split-adjusted basis when the market opens on May 4, 2023. 

The Reverse Stock Split is primarily intended to bring the Company into compliance with the $1.00 minimum bid price requirement for maintaining its listing on Nasdaq.

There is no guarantee the Company will meet the minimum bid price requirement.

At the Company’s reconvened Special Meeting of Stockholders held on January 19, 2023, the Company’s stockholders approved a proposal to authorize a reverse stock split of the Company’s Common Stock, at a ratio within the range of 1-for-2 to 1-for-25.

The Company’s board of directors approved a 1-for-25 reverse split ratio, and on May 3, 2023, the Company filed a Certificate of Amendment to its Second Amended and Restated Certificate of Incorporation to effect the Reverse Stock Split effective May 4, 2023.

The 1-for-25 reverse stock split will automatically combine and convert 25 current shares of the Company’s Common Stock into one issued and outstanding share of Common Stock.

No fractional shares will be issued in connection with the Reverse Stock Split.

All fractional shares will be rounded up to the nearest whole share.”

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Mullen Automotive (NASDAQ:MULN) has announced a new illegal shorting investigation regarding the high rate of FTDs as reported to the Securities and Exchange Commission (SEC).

In March, the company saw as many as 55 million FTDs in one single day.

FTDs, or Failure-to-deliver occurs when one party in a trading contract (whether it’s shares, futures, or options) fails to deliver on their obligations.

These failures derive due to buyers not having enough money to take delivery and pay for the transaction at settlement.

In the case of sellers, it means not having the goods to meet that transaction.

Failure-to-delivers can occur in options trading or when selling short naked, per Investopedia.

Mullen Automotive announced today that it is taking certain affirmative steps in light of the extraordinary trading volume and evidence of unusually high levels of failure to deliver on short sales as reported to the U.S. Securities and Exchange Commission. 

These steps include retaining outside counsel, which is working with Shareholder Intelligence Services LLC (“ShareIntel”) to undertake a comprehensive analysis of data derived from broker-dealers, clearing firms and other sources to provide actionable intelligence on potential market manipulation and illegal short selling.

ShareIntel offers unique access and insight into shareholder position movements and the ability to proactively track equity flows and identify suspicious, aberrant and/or unusual trading activity.

As a fiduciary to its shareholders, the Company will do everything in its power to address any evidence of improper trading in Mullen securities.

Related: These 3 Signs Point Towards Naked Shorting in MULN

Illegal Shorting in MULN Stock

Like many stock tickers in the market, MULN stock has become a target for illegal shorting, or naked shorting.

Naked shorting is the illegal practice of short selling shares that have not been affirmatively determined to exist.

The predatorial practice allows short sellers to short a stock without there actually being any stock available to short.

The SEC approved the use of naked short selling on IPOs in 2015 although it was deemed an illegal practice in 2010.

We’re seeing this become regular practice in the market which has been known to destroy companies, innovation, and shareholder value.

GNS CEO Roger Hamilton has been a strong advocate for tackling the problem in litigation.

In February, Global Tech Industries (GTII) followed suit and announced its board had authorized management to move forward with appropriate legal action in connection with what it believes to be illegal trading activity in the Company’s shares.

Roger Hamilton reached out to AMC CEO Adam Aron to join the fight against naked short selling, but the movie theatre CEO is more focused on company fundamentals than fighting Wall Street.

This Mullen naked shorting investigation may just be what the company needs to rid its stock suppression.

Related: Mullen Five is Now Available for Reservation

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