Mullen Automotive now regains full compliance after a painful year of navigating both its business and investor duties.
Mullen announced that the Company received formal notice from The Nasdaq Stock Market LLC (“Nasdaq”) confirming that it has regained compliance with the minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2).
The company is now in full compliance with all Nasdaq continued listing requirements and will continue to be listed and traded on The Nasdaq Capital Market.
On September 17, Mullen Automotive announced yet another reverse stock split to maintain its compliance with NASDAQ’s policy.
“Based on the foregoing, the previously scheduled Nasdaq hearing before the Panel has been cancelled and the matter is now closed,” the company stated on Monday.
“Pursuant to applicable Nasdaq procedures, the Company anticipates being removed from Nasdaq’s list of noncompliant companies within approximately four business days from the Oct. 16, 2024, receipt of Nasdaq’s notification of compliance.”
Investors have held through a series of painful waves as MULN stock has fallen more than 99% this year-to-date.
Many investors blame the board, including its CEO for the heavy dilution that has now demolished investors’ portfolios.
Despite it’s challenges in the market, investor sentiment around MULN stock remains ‘Neutral’, per StockTwits.
The company recently announced a strategy to help customers with financing it’s electric vehicles.
Mullen Credit Corporation will provide fleets and small business customers with ‘attractive financing options’.
“Our business is experiencing rapid growth, with projected sales for 2025 expected to increase significantly. Consequently, our financing needs have also evolved,” said David Michery, chairman and CEO.
“Mullen Credit Corporation will provide financing flexibility for our dealers and customers as we pursue accelerated growth and expand our market share.”
But I’m curious to know what you think — what are your thoughts on Mullen Automotive?
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