Category: MULN Stock (Page 1 of 5)

Mullen Announces New Details on Government EV Testing

Market News Daily - Mullen Announces New Details on Government EV Testing.
Market News Daily – Mullen Announces New Details on Government EV Testing.

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

Market News Daily – Mullen Announces New Details on Government EV Testing.

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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Market News Today - Mullen Announces New Details on Government EV Testing.
Market News Today – Mullen Announces New Details on Government EV Testing.

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Mullen Becomes Exclusive Partner to New Federal Contractor

Market News Daily - Mullen Becomes Exclusive Partner to New Federal Contractor.
Market News Daily – Mullen Becomes Exclusive Partner to New Federal Contractor.

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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Market News Today - Mullen Becomes Exclusive Partner to New Federal Contractor.
Market News Today – Mullen Becomes Exclusive Partner to New Federal Contractor.

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Mullen Launches New Details on Class 1 and 3 EVs

Market News Daily - Mullen Launches New Details on Class 1 and 3 EVs.
Market News Daily – Mullen Launches New Details on Class 1 and 3 EVs.

Mullen Automotive (NASDAQ:MULN) just launched new details on its Class 1 and Class 3 EVs.

Yesterday, the company announced a new $263 million purchase order from Randy Marion Automotive Group.

The $263 million PO from RMA group is for both Mullen’s Class 1 vans and Class 3 work trucks.

Mullen Automotive said it had received a purchase order of $63 million for 1,000 class 1 EV cargo vans earlier this week, which may be part of the $263 million PO for both EV models.

In a new press release, the company states the Class 1 EV Cargo Van will have a starting MSRP of $34,500 and have a federal tax credit of $7,500.

“The Mullen ONE is anticipated to be the first EV cargo van for sale in the U.S. market in the Class 1 commercial vehicle segment.

This van was designed for last-mile delivery, with best-in-class cargo volume, payload, and turning diameter to easily navigate through narrow urban streets and residential roads.”

The Class 3 EV Truck will have a starting MSRP of $68,500 and also have a federal tax credit of $7,500.

“The Mullen THREE is an efficient Class 3 low cab forward EV truck featuring 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.

In addition, the design of the LCF chassis allows more cargo volume within a given overall length.”

Announcements from Mullen Automotive

“As more fleets focus on their sustainability goals addressing climate change, the net price points of our Mullen commercial products make this an easy choice and help accelerate their transition to electric,” said David Michery, CEO and chairman of Mullen Automotive.

“With both vehicles qualifying for the $7,500 federal tax credit, their Class 1 EV Cargo Van acquisition cost will reduce to $27,000, and Class 3 EV Cab Chassis Truck will reduce to $61,000.”

To-date, 19 EV Cargo vans have been delivered with 20 additional deliveries targeted for May 2023.

Mullen Automotive is also anticipating a purchase order for 200 Class 1 EV vans anticipated in May 2023.

Recently, a 1,000-unit purchase order, valued at $63M, for Class 3 EV Cab Chassis Trucks from Randy Marion Automotive Group was announced on May 2, 2023.

Production is planned to begin in August 2023 and final deliveries completed by Q1 2024. All commercial vehicles are produced in Tunica, Mississippi.

Mullen’s class 1 and 3 EVs aren’t the only vehicles investors are excited about.

The Mullen FIVE is expected to begin production later this year.

Mullen Five is Now Available for Reservation

Mullen Automotive is now accepting Mullen Five reservations.

You can now reserve your Mullen Five with a $100 refundable deposit.

“By placing this reservation, you’ve secured your spot in line and will be one of the first to own the all-new Mullen FIVE Electric-SUV Crossover.

When the vehicle is ready for production, you will have an opportunity to place an order before the Mullen FIVE is made available the mass market.”

The Mullen FIVE is available at a starting price of $55,000, final pricing will be confirmed based on vehicle customization and homologation.

Production of the Mullen Five is scheduled to begin in the fourth quarter of 2023, per Mullen’s official announcement.

Once the FIVE goes into full-scale production, buyers will be contacted by a Mullen representative with a more definite delivery date, currently estimated to be in the second quarter of 2024.

Mullen Automotive will be building the new vehicle at their Tunica, MS factory and will be delivering vehicles to the closest Mullen Lounge Point for customer pick up.

The company says it will arrange to ship vehicles directly to customers if ordered online.

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Market News Today - Mullen Launches New Details on Class 1 and 3 EVs.
Market News Today – Mullen Launches New Details on Class 1 and 3 EVs.

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Mullen Announces New 1-for-25 Reverse Stock Split

Market News Daily - Mullen Announces New 1-for-25 Reverse Stock Split.
Market News Daily – Mullen Announces New 1-for-25 Reverse Stock Split.

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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Market News Today - Mullen Announces New 1-for-25 Reverse Stock Split.
Market News Today – Mullen Announces New 1-for-25 Reverse Stock Split.

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Mullen Announces Big EV Updates and New $263 Million Order

Market News Daily - Mullen Announces Big EV Updates and New $263 Million Order.
Market News Daily – Mullen Announces Big EV Updates and New $263 Million Order.

Mullen Automotive (NASDAQ:MULN) has announced big EV updates and a new $263 million purchase order from Randy Marion Automotive Group.

The company has reported that as of April 30, 2023, the cash available for Company operations was $116.1 million.

The $263 million PO from RMA group is for both Mullen’s Class 1 vans and Class 3 work trucks.

Yesterday the company announced it had received a purchase order of $63 million for 1,000 class 1 EV cargo vans, which may be part of the $263 million PO.

But despite these positive developments, Mullen Automotive stock continues to crash.

On Wednesday, volume soared to more than 1 billion with price plunging more than -21%.

Investors are outraged by the performance seen in the market.

In April, Mullen Automotive announced that it would be opening an investigation into the possibility of the manipulation and illegal shorting of MULN stock.

“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,” the company said.

Latest Mullen Developments

Mullen Automotive released a lengthy press release on Wednesday highlighting big EV updates.

Here are just but a few of these current updates:

Mishawaka, IN Manufacturing Plant

Home to Mullen FIVE and Bollinger B1 and B2.

  • Commercial vehicle equipment transferred to Tunica, MS facility for commercial Class 1 launch
  • Commissioning of e-coat and paint facility for readiness to paint early prototype builds
  • Enterprise data infrastructure, including fiber optics, new servers, and security systems installed to support volume manufacturing

Tunica, MS Assembly Facility

Home to vehicle assembly for Commercial Class Vans and Trucks.

  • Mullen Class 1 and Class 3 commercial vehicles are assembled in Tunica, MS
  • In July 2023, the production line for Class 3 will become operational, with Class 3 trucks rolling off the line with anticipated deliveries and revenue in August and September 2023
  • Addition of trim and chassis assembly lines to accommodate new models
  • New capital expenditures including Automated Guided Vehicles to transport vehicles through plant, installation of robots, water test booth, and end-of-line diagnostics
  • Enterprise data infrastructure, including fiber optics, new servers, and security systems installed to support volume manufacturing
  • Hiring of 35 additional operational team members in support of commercial vehicle production

Mullen Consumer Vehicle Program – Irvine, CA

Mullen FIVE Crossover.

  • Simultaneously developing the Mullen FIVE family of vehicles, which includes two trim levels of the FIVE EV crossover and the high-performance Mullen FIVE RS variant
  • Vehicle styling freeze in Q4 2023 and production design of Mullen FIVE and FIVE RS planned for reveal at CES in January 2024
  • Virtual crash and aerodynamic simulations on track
  • Finalizing key supplier selection and engagement
  • Preparations for August 2023 Strikingly Different EV Tour in the works with expanded vehicles joining the planned upcoming tour, including, but not limited to, the Mullen FIVE and FIVE RS and Mullen Commercial Class 1 and Class 3 vehicles
  • Drivable demonstrator of the new Mullen GT will join the tour in September 2023

Investors, Tread Cautiously

Mullen Automotive stock has been a retail favorite, but new investors should tread cautiously.

The company stock seems to have a target on its back from Wall Street investors, and as we’ve seen with many other companies in the market, institutions have the leverage to create serious damage.

While these are all positive developments indeed for Mullen Automotive, the stock market is portraying a separate story.

But I’m curious to know your thoughts on Mullen’s current share price.

Leave your thoughts down below.

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Market News Published Daily

Market News Today - Mullen Announces Big EV Updates and New $263 Million Order.
Market News Today – Mullen Announces Big EV Updates and New $263 Million Order.

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Mullen Receives New 1,000 EV Order for $63 Million

Market News Daily - Mullen Receives New 1,000 EV Order for $63 Million.
Market News Daily – Mullen Receives New 1,000 EV Order for $63 Million.

Mullen Automotive (NASDAQ:MULN) announced on Tuesday it received a 1,000 order of Mullen THREE, a Class 3 low cab forward (“LCF”) EV truck from Randy Marion Automotive Group for a value of $63 million.

The vehicle deliveries are expected to commence sometime in August of this year.

The purchase order is valued at $63 million and is between Randy Marion Isuzu, LLC, a member of the Randy Marion Automotive Group, and Mullen Automotive.

These trucks feature over 5,800 lbs. of payload, which was unveiled at the NTEA Work Truck Show earlier this year.

Mullen Automotive announced yesterday that UNC Charlotte (The University of North Carolina at Charlotte) took delivery of an additional 8 Mullen EV class 1 cargo vans.

This is the second vehicle order for UNC Charlotte, with a total of 15 vehicles to be utilized across the university’s campus.

“We are very impressed with the first set of Mullen EV vans for our on-campus use,” said T.J. Woods, the university’s transportation, warehouse, and logistics manager.

“Ordering additional Mullen EV cargo vans makes perfect sense for us.

There’s a lower cost of ownership, no messy fill-ups, tailpipe exhaust, or disruptive vehicle idling sounds to impact our daily campus life.

Mullen Campus EVs are also great to highlight to our students, as it shows we can all make a difference in lowering our overall carbon footprint.” 

As of recent, we’ve begun to see Mullen Automotive in action.

Below are other current developments from the company.

Mullen Five Now Available for Reservation

Mullen Automotive is now accepting Mullen Five reservations.

You can now reserve your Mullen Five with a $100 refundable deposit.

“By placing this reservation, you’ve secured your spot in line and will be one of the first to own the all-new Mullen FIVE Electric-SUV Crossover.

When the vehicle is ready for production, you will have an opportunity to place an order before the Mullen FIVE is made available the mass market.”

The Mullen FIVE is available at a starting price of $55,000, final pricing will be confirmed based on vehicle customization and homologation.

Production of the Mullen Five is scheduled to begin in the fourth quarter of 2023, per Mullen’s official announcement.

Once the FIVE goes into full-scale production, buyers will be contacted by a Mullen representative with a more definite delivery date, currently estimated to be in the second quarter of 2024.

Mullen Automotive will be building the new vehicle at their Tunica, MS factory and will be delivering vehicles to the closest Mullen Lounge Point for customer pick up.

The company will arrange to ship vehicles directly to customers if ordered online.

This is a very positive development for the company today.

Mullen Automotive is Testing New Technology in D.C

Mullen Automotive is currently testing new technology in Washington, D.C.

Earlier this week, Mullen announced that it is working on its $680,000 federal contract agreement with the District of Columbia.

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.

Previous testing indicates that Energy Management Module (“EMM”) technology substantially increases the driving range and efficiency of any current EV battery.

In March 2021, Element Materials Technology conducted specific vehicle testing on 2020 Chevy Bolts installed with EMM units with test results being a calculated increase in range from 269 to 431 miles, which is a 60% increase in efficiency.

“We have tested EMM technology in various vehicle applications and have repeatedly seen significant improvements in range.

I am extremely pleased to partner with Mullen for the commercialization and global availability of the EMM technology,” said Lawrence Hardge, CEO of Global EVT.

BREAKING: Mullen Announces New Illegal Shorting Investigation

Market News Published Daily

Market News Today - Mullen Receives New 1,000 EV Order for $63 Million.
Market News Today – Mullen Receives New 1,000 EV Order for $63 Million.

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Mullen Makes New Delivery of EVs to UNC Charlotte

Market News Daily - Mullen Makes New Delivery of EVs to UNC Charlotte.
Market News Daily – Mullen Makes New Delivery of EVs to UNC Charlotte.

Mullen Automotive (NASDAQ:MULN) announced today that UNC Charlotte (The University of North Carolina at Charlotte) will be taking delivery of an additional 8 Mullen EV cargo vans.

This is the second vehicle order for UNC Charlotte, with a total of 15 vehicles to be utilized across the university’s campus.

UNC’s first order of seven Mullen EV cargo vans was delivered in March of 2023.

Vehicle orders are being fulfilled through Randy Marion Automotive, a distributor of Mullen’s commercial EVs.

UNC Charlotte, North Carolina’s urban research university, founded in 1946, purchased the Mullen EV cargo vans for use across its 1,000-acre Charlotte campus and more than 29,500 students.

The EV cargo vans are being used for a variety of university use cases, including campus delivery and facility services. 

Mullen Automotive stock continues to get beat by short sellers despite several positive developments.

The company announced last week that it is looking into the possibility of manipulation and illegal shorting activity in the stock.

UNC Delivery Statements

Mullen Automotive News - Franknez.com.
Mullen Automotive News – Franknez.com.

“We are very impressed with the first set of Mullen EV vans for our on-campus use,” said T.J. Woods, the university’s transportation, warehouse, and logistics manager.

“Ordering additional Mullen EV cargo vans makes perfect sense for us.

There’s a lower cost of ownership, no messy fill-ups, tailpipe exhaust, or disruptive vehicle idling sounds to impact our daily campus life.

Mullen Campus EVs are also great to highlight to our students, as it shows we can all make a difference in lowering our overall carbon footprint.” 

“Offering college campuses a low-cost acquisition that allows schools to reduce their operating costs, reduce their maintenance and reduce their CO2 emissions is an ideal use case for our EV cargo vans,” said John Schwegman, chief commercial officer Mullen Automotive.

“It’s exciting to see UNC grow their EV fleet business with us.

Our EVs are a perfect fit for university use, and Charlotte is at the forefront of implementing EVs into their daily campus life,” said David Michery, CEO and chairman of Mullen Automotive.

With 186 miles of range, the Mullen Campus EV cargo van is a highly efficient electric van designed for closed campus use.

The Campus Delivery Van has all the same DNA as the Mullen ONE Class 1 EV cargo van but was purpose-built to be an ideal delivery solution for micro-environments. Learn more today at MullenUSA.com.

Latest Mullen Automotive News

mullen automotive news

Mullen Automotive is currently testing new technology in Washington, D.C.

Last week, Mullen announced that it is working on its $680,000 federal contract agreement with the District of Columbia.

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.

Previous testing indicates that Energy Management Module (“EMM”) technology substantially increases the driving range and efficiency of any current EV battery.

In March 2021, Element Materials Technology conducted specific vehicle testing on 2020 Chevy Bolts installed with EMM units with test results being a calculated increase in range from 269 to 431 miles, which is a 60% increase in efficiency.

“We have tested EMM technology in various vehicle applications and have repeatedly seen significant improvements in range.

I am extremely pleased to partner with Mullen for the commercialization and global availability of the EMM technology,” said Lawrence Hardge, CEO of Global EVT.

For more Mullen Automotive news and stock updates, join the newsletter below.

Market News Published Daily

Market News Today - Mullen Makes New Delivery of EVs to UNC Charlotte.
Market News Today – Mullen Makes New Delivery of EVs to UNC Charlotte.

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Mullen Announces New Illegal Shorting Investigation

Market News Daily - Mullen Announces New Illegal Shorting Investigation.
Market News Daily – Mullen Announces New Illegal Shorting Investigation.

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.

Update: Mullen FTDs 2023 - Mullen Naked Shorting Investigation.
Update: Mullen FTDs 2023 – Mullen Naked Shorting Investigation.

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

Market News Published Daily

Market News Today - Mullen Announces New Illegal Shorting Investigation.
Market News Today – Mullen Announces New Illegal Shorting Investigation | Mullen Naked Shorting Investigation.

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Mullen Five is Now Available for Reservation

Market News Daily - Mullen Five is Now Available for Reservation.
Market News Daily – Mullen Five is Now Available for Reservation.

Mullen Automotive (NASDAQ:MULN) is now accepting Mullen Five reservations.

You can now reserve your Mullen Five with a $100 refundable deposit.

“By placing this reservation, you’ve secured your spot in line and will be one of the first to own the all-new Mullen FIVE Electric-SUV Crossover.

When the vehicle is ready for production, you will have an opportunity to place an order before the Mullen FIVE is made available the mass market.”

The Mullen FIVE is available at a starting price of $55,000, final pricing will be confirmed based on vehicle customization and homologation.

Production of the Mullen Five is scheduled to begin in the fourth quarter of 2023, per Mullen’s official announcement.

Once the FIVE goes into full-scale production, buyers will be contacted by a Mullen representative with a more definite delivery date, currently estimated to be in the second quarter of 2024.

Mullen Automotive will be building the new vehicle at their Tunica, MS factory and will be delivering vehicles to the closest Mullen Lounge Point for customer pick up.

The company will arrange to ship vehicles directly to customers if ordered online.

This is a very positive development for the company today.

MULN stock is currently up more than +5% on Friday.

Other MULN Stock News

Mullen Automotive is currently testing new technology in Washington, D.C.

Earlier this week, Mullen announced that it is working on its $680,000 federal contract agreement with the District of Columbia.

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.

Previous testing indicates that Energy Management Module (“EMM”) technology substantially increases the driving range and efficiency of any current EV battery.

In March 2021, Element Materials Technology conducted specific vehicle testing on 2020 Chevy Bolts installed with EMM units with test results being a calculated increase in range from 269 to 431 miles, which is a 60% increase in efficiency.

“We have tested EMM technology in various vehicle applications and have repeatedly seen significant improvements in range.

I am extremely pleased to partner with Mullen for the commercialization and global availability of the EMM technology,” said Lawrence Hardge, CEO of Global EVT.

“Back in the nation’s capital today at DC Public Works’ Fleet facility. 40 high-usage Chevy Bolts belonging to the city of DC are going through our Energy Management Module (EMM) installation process:

Dyno testing > EMM install > Road test > Dyno retest > Back into service fleet,” said the company on Twitter.

Market News Published Daily

Market News Today - Mullen Five is Now Available for Reservation.
Market News Today – Mullen Five is Now Available for Reservation.

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70% of Trading in MULN Is Now Happening in Dark Pools

Market News Daily - 70% of Trading in MULN Is Now Happening in Dark Pools.
Market News Daily – 70% of Trading in MULN Is Now Happening in Dark Pools.

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.

Market News Today - 70% of Trading in MULN Is Now Happening in Dark Pools.
Chart Exchange – Market News Today – 70% of Trading in MULN Is Now Happening in Dark Pools.

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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Market News Published Daily

Market News Today - 70% of Trading in MULN Is Now Happening in Dark Pools.
Market News Today – 70% of Trading in MULN Is Now Happening in Dark Pools.

For stock market, business news and updates, join the newsletter to receive weekly market news and notifications straight to your inbox.

Franknez.com is the media site that keeps retail investors informed.

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