Mullen Automotive (NASDAQ:MULN) CEO David Michery was just awarded with more than 6.4 million new shares of common stock.
The company’s latest SEC Form 4 details David Michery was awarded with a total of 6,433,764 shares of MULN with the date of earliest transaction on July 5th, 2023.
The CEO now directly owns a total of 10,980,385 shares, per the filing.
“Shares approved for issuance pursuant to a Performance Stock Award Agreement dated May 5, 2022. No shares have been issued as of the date hereof.”
Mullen Automotive reached the Capital Benchmark Milestone which states that for each $100 million raised, the company will issue shares equivalent to 1% of Mullen’s then outstanding shares.
“Additionally, if Mullen (“MULN”) is included in the Russel Index, which serves as a leading benchmark for institutional investors, the Company will issue to Participant a number of shares of Common Stock equal to 2% of Mullen’s then-current total issued and outstanding shares as of the date Mullen is approved to be included on the Russel Index.”
The company announced in late June that its Series D holders have now exercised their final $100 million investment option.
The expiring date for this contract is set for June 30 and has provided Mullen Automotive with $100 million in additional funding, per the company’s report.
“We are in the best financial position in our Company’s history and remain fully committed and highly focused on producing, selling and delivering our vehicles to our customers prior to the end of 2023,” said David Michery, CEO and chairman of Mullen Automotive.
Mullen Automotive stock has surged more than +71% in the past five trading days as volume has reached record highs this year.
Here’s the latest Mullen Automotive news today.
Mullen Announces New $25 Million Stock Buyback Program
Mullen Automotive (NASDAQ:MULN) announced a new $25 million stock buyback program on Thursday.
Shares rose up to $0.32 per share at the market open before falling back down to a quarter.
On Wednesday, MULN stock surged from $0.10 to $0.17, up more than +69% while continuing to rise after hours an additional +11%.
The company announced today that the Board of Directors has 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.
“We are initiating this buyback program as an attractive opportunity to deploy capital and return value to our shareholders,” said David Michery, CEO and chairman of Mullen Automotive.
On Wednesday, the company announced that it has retained Christian Attar, formally known as Christian Levine Law Group, and in partnership with Warshaw, Burstein, LLP, to combat naked short selling activities.
“Based on reports Mullen has received from ShareIntel, the Company believes it may have been the target of a market manipulation scheme involving illegal naked short selling of its common stock and has decided to investigate and expose any potential wrongdoing.“
You can read more about it here.
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