Mullen Automotive (NASDAQ:MULN) announced on Wednesday the state of the company in a new update for shareholders.
The company announced that it has sufficient capital on hand for at least the next 12 months.
Remaining investor option expires on June 30, 2023, and company assets are unencumbered with the exception of $7.3 million outstanding debt.
“The Company continues to trade at a steep discount to its current cash position of $135 million or $0.38 per share as of June 13, 2023.
As of its most recently filed Form 10-Q on March 31, 2023, the Company’s book value was $2.08 per share.
Since March 31, 2023, the Company’s stock has declined over 95% from $3.25 per share to $0.16 per share on June 20, 2023.
The Company’s common stock trades at a discount to our cash value per common share of $0.38 as of June 13, 2023.
Despite the decline in stock price, management believes the Company has already met or is positioned to meet the previously announced objectives.
As per the Company’s last reported financial position on March 31, 2023, it had $86.7 million of cash available for operations and $0.68 of cash value per share.
Mullen’s book value per share was $2.08 on March 31, 2023.
The Company has sufficient capital on hand for at least the next 12 months.
The Company would like to highlight two completed acquisitions that added valuable, unencumbered assets to the balance sheet totaling $253 million for majority ownership in Bollinger Motors and certain assets related to Electric Last Mile Solutions (“ELMS”).”
Read: Mullen Short Interest and CTB Surge to New Highs
Mullen Launches New AI Tech Across All EV Lineups
Mullen Announced on Tuesday it launched new AI tech across all EV lineups.
The new AI technology will be able to recognize faces and bridge the gap between driver and vehicle by personalizing the vehicle experience.
Mullen says the integration of AI-powered PERSONA vehicle technology will go into all of its commercial and consumer vehicle lineups.
PERSONA, originally developed for the Mullen FIVE, is an advanced interactive AI camera/sensor and video monitoring system that utilizes facial recognition technology to unlock/lock vehicles and completely personalize the overall vehicle experience for the driver.
In addition to unlocking the vehicle and customizing driver-specific vehicle settings, initial PERSONA functionality will also include Security Fence, Pet and Occupant Safe Mode, Advanced Vehicle Charging, and AI-Powered Emergency Response.
“PERSONA was first consumer tested on the Mullen FIVE EV Crossover during the 2022 “Strikingly Different” U.S. Tour.
Firsthand feedback received and survey data from the tour were extremely positive, with a majority of the participants indicating that PERSONA was a unique technology and concept they could see themselves using.”
MULN stock surged more than +30% on Wednesday following its latest announcement.
Volume has also surged significantly.
Read: 81% of MULN Trading Is Now Happening in Dark Pools
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