Mullen Automotive (NASDAQ:MULN) CEO David Michery has now commented on the illegal short selling activity likely occurring in the company stock.
On Wednesday, the CEO published a letter to shareholders also discussing the ongoing decline in MULN stock.
However, the CEO published the following statement on LinkedIn Thursday morning:
“With unwavering commitment, I prioritize the well-being of my shareholders and our company. We have a zero tolerance policy for anyone attempting to illegally trade our stock.
#shareholdersfirst #mullenusa #tunicateamwork #mullenautomotive“
MULN stock rose past $0.92 before coming back down and trading slightly above $0.80 per share.
David Michery says that new data regarding the potential manipulation of the stock should be coming soon.
“I am very disappointed by the performance of our stock.
As I have previously publicly stated, I do not believe the trading price of our stock even closely resembles the Company’s actual value.
It is evident that, regardless of meeting significant corporate milestones (i.e., vehicle production completion within projected timelines), stock traders continue to place downward pressure on the stock, causing the price to fall.
I previously announced that the Company engaged Share Intel and other parties to investigate what I suspect to be unlawful trading practices in our stock.
We are assembling all the data received to date and should have something to announce in the coming days.
I am extremely frustrated that the hard work of Mullen‘s dedicated team and the significant momentum and successes achieved to date are overshadowed by the unrealistic value attributed to our stock.
The Company and I have demonstrated our commitment to the success of our initiatives by purchasing its stock through the previously announced Share Buy Back program.
I have also personally recently purchased stock, demonstrating my unwavering confidence in our Company,” the CEO stated in his letter.
Latest Mullen Automotive News
The first Mullen (NASDAQ:MULN) vehicles have now rolled off the assembly line at its Tunica, Mississippi-based facility, the company announced on Monday.
“We have been true to our commercial Class 3 vehicle production commitments and have now achieved a significant milestone with the first trucks rolling off the line,” said David Michery, CEO and chairman of Mullen Automotive, Inc.
“Mullen will be gradually ramping up production rate through the balance of this calendar year.
Once full acceleration has been achieved, Class 3 production capacity at the Tunica facility is currently planned at 3,000 vehicles annually per shift.
As electric vehicle adoption rates increase, Mullen plans to add a second shift for Class 3 production, which will increase capacity to 6,000 total vehicles per year.
During the ramp up in volume of the Mullen THREE, the production testing and launch of the Mullen ONE, Class 1 EV Cargo Van will also take place in Tunica, achieving deliveries on customer orders for both commercial Class 1 and Class 3 vehicles by year end,” the company said.
To date, the Company has received $79 million in purchase orders for the Mullen THREE, Class 3 EV trucks from Randy Marion Automotive Group and MGT Lease Company.
Mullen’s Tunica commercial manufacturing center includes over 120,000 square feet and is situated on over 100 acres.
The facility is focused on production of Class 1 and Class 3 commercial EV vehicles and is in close proximity to all major rail lines, interstates, Mississippi river systems, and air logistics, placing it in a primary logistical center of North America.
The Mullen THREE, with a MSRP starting at $68,500, qualifies for $7,500 in federal tax incentives, is an efficient Class 3 low cab forward EV truck featuring an 11,000 Gross Vehicle Weight Rating, a tight turning diameter of 38 feet, and excellent visibility for superior maneuverability on narrow city streets.
This versatile chassis provides a clean top-of-rail for easy upfitting with bodies up to 14 feet long and over 5,800 pounds of payload.
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