On August 8, the company announced a 1 for 9 reverse stock split alongside the beginning of a $25 million stock buyback program.
“We believe the Company is highly undervalued and the stock buyback program represents a compelling use of our capital, reflecting confidence in our business,” said David Michery, CEO and chairman of Mullen Automotive.
The proposal received 221,098,224 ‘votes for’ a reverse stock split, and 103,280,513 ‘votes against’ it, with 1,415,758 abstentions.
A 1 for 9 split would put MULN stock at just $1, which investors criticize leaves no wiggle room as the company continues to be a target for short sellers.
A user on Twitter shared a message between him and the CEO where he made the following statement:
“At this point, we’ve done the minimum reverse possible to try to regain compliance.
The rest will be in the retail, shareholders hands, if the stock stays above a buck or doesn’t.
At this point, we put our faith in the shareholders and retail traders.
All the good people need to rally against the individuals that are shorting the stock with malice intent, not to make money, but to cause delisting, that’s what they are doing.”
Mullen Automotive announced in July that it has been investigating naked short selling activity since April of this year.
How far this investigation will go is unknown, especially now that Congress has stated that not all naked shorting is deemed ‘illegal’.
Just last week, the New York Stock Exchange (NYSE) also commented on naked short selling in a new response to the concerned public.
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Latest Mullen Automotive News
Mullen Automotive (NASDAQ:MULN) announced on August 4 that it has now begun production for its Class 1 and Class 3 EVs.
“August is a busy month at our Tunica, MS Assembly Plant! Our Mullen THREE – Class 3 EV Cab FWD production in action ⚡”, said the company on Twitter.
The company announced in mid-July the transfer of Class 1 EV cargo van vehicles between its plants in Mishawaka, Indiana, and Tunica, Mississippi, for final assembly pursuant to customer orders.
Mullen said that over 350 of its Class 1 EVs would be transferred to Tunica for final assembly.
“Our Tunica plant is in final stages for the production start and deliveries of class 1 and class 3 vehicles to customers between August and December 2023,” stated John Taylor, senior vice president of global manufacturing for Mullen Automotive.
“Exciting times as we are getting very close to delivering vehicles to awaiting customers, beginning in August 2023, which allows us to recognize continued revenue growth over the last six months of 2023,” said David Michery, CEO and chairman of Mullen Automotive.
Critics of the EV company have requested proof of manufacturing and Mullen has now published the following video of its assembly line in Mishawaka, IN.
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