Mullen Automotive (NASDAQ:MULN) CEO has addressed the company’s big share price plunge in a new interview.
MULN stock is currently at risk for a back-to-back reverse stock split as it has fallen below Nasdaq’s minimum $1 bid requirement again.
The stock is down more than -10% on Thursday and more than -94.25% this year-to-date despite several positive developments.
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Critics point out that while Mullen Automotive does have several positive developments in the work, the company is not profitable and is burning all its cash to establish itself in the competitive EV world.
The company recently received a $20 million cash boost from Acuitas Capital but even that injection was not enough to keep shares from falling.
Short sellers seem to have doubled down on Mullen Automotive as the company’s short interest has surged to new highs.
After being silent for quite some time, Mullen CEO David Michery has a warning for short sellers.
Here are just a few of the things Michery had to say about the company’s falling stock price and short sellers.
David Michery Addresses MULN Stock Price
“I’m going to let my actions speak louder than words, I’m done speaking, I’m gonna deliver.
And I’m going to let the stock go where the stock’s gonna go. It’s gonna be based on performance, how we perform as a company, as a team.
No one person can win a championship by himself, it’s a team effort. You surround yourself with strong people.
You go out and do a good job and you do your best. I like our chances.
I think that Mullen has all the right pieces in place.
Not just our vehicle lineup from a commercial perspective, but the factories that we have, the partnerships that we have, the people that we’ve hired.
We are now moving in a direction to be a real force to reckon with in this space.
We’re not a company that is going out of business unlike everything I read and see out there.
This is a company that’s the complete opposite.
But again, until the dust settles and people realize who’s going to be number two in the space, cuz’ no one will ever uproot Tesla in my opinion. “
We’re all fighting for number two but number two would be great.
So, let’s see when the dust settles who’s going to be that number two guy. And we hope it’s gonna be us.
We think we’re doing all the right things to be that number two guy, but time will tell.
Sometimes you win some, sometimes you lose some,” he continued.
“You Gotta Kill Me to Stop Me”
David Michery made encouraging statements when also addressing Mullen shareholders.
Here’s what he had to say:
“Elon Musk opened the door. Not just from Mullen but for everybody out there and I’m going to be one of the guys that actually delivers on his promises.
Look, we all try our best but I’m that guy that you never counted on, that you can knock down, you can kick in the dirt, I’m gonna get up and keep fighting, you gotta kill me to stop me.
So, like I said, if it’s the last thing I do, we’re gonna deliver on every promise we’ve made, and we think about the shareholders all the time. We care about the retail shareholders.
I care about the guys that are hurting us, I care about the guys that support us.
I want the shorts to become long and I want the longs to become rich.”
“All I’m gonna say is we are determined to succeed. Whoever bets against us is going to be a bad bad bet.
And I look forward to the day when Mullen is a generational company and people say shit, we feel bad for beating the company up the way he have.
Make no mistake, this is a real company with real people, real professionals, real products, real factories and we’re 100% American.
You can watch the full interview below.
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