Category: MULN Stock (Page 2 of 17)

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

Market News Today - Will Mullen's New Developments Save the Company From Delisting?
Market News Today – Will Mullen’s New Developments Save the Company From Delisting?

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

Market News Today - Will Mullen's New Developments Save the Company From Delisting?
Market News Today – Will Mullen’s New Developments Save the Company From Delisting?

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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Market News Today - Will Mullen's New Developments Save the Company From Delisting?
Market News Today – Will Mullen’s New Developments Save the Company From Delisting?

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Mullen Now Becomes An Approved Vendor For British Airways

Market News Today - Mullen Now Becomes An Approved Vendor For British Airways.
Market News Today – Mullen Now Becomes An Approved Vendor For British Airways.

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.

“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.

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

Market News Today - Mullen Now Becomes An Approved Vendor For British Airways.
Market News Today – Mullen Now Becomes An Approved Vendor For British Airways.

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.

Market News Published Daily 📰

Market News Today - Mullen Now Becomes An Approved Vendor For British Airways.
Market News Today – Mullen Now Becomes An Approved Vendor For British Airways.

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Also, thank you to all of our blog sponsors. This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.

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Will Mullen’s New Manipulation Lawsuit Save The Company?

Market News Today - Will Mullen's New Manipulation Lawsuit Save The Company?
Market News Today – Will Mullen’s New Manipulation Lawsuit Save The Company?

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.

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.

“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.

Market News Today - Will Mullen's New Manipulation Lawsuit Save The Company?
Market News Today – Will Mullen’s New Manipulation Lawsuit Save The Company?

“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.

For daily market news and updates, opt-in for push notifications. Or follow me on social media down below.

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Market News Today - Will Mullen's New Manipulation Lawsuit Save The Company?
Market News Today – Will Mullen’s New Manipulation Lawsuit Save The Company?

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Mullen Has Now Repurchased $5.6 Million in Shares

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

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.

Mullen Provides New Share Intel Update

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

 “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.

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

“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,” said Wes Christian.

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

Market News Published Daily 📰

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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