Mullen Automotive (NASDAQ:MULN) Class 1 EV cargo vans have been spotted at Randy Marion Automotive Group.
The company said in an official report that the delivery of 6,000 EVs would take place by the end of March 2023.
The $200 million purchase order rumor has come true.
Now investors are waiting for official confirmation of the delivery from the company or CEO soon.
Several Mullen Class 1 EV cargo vans have been spotted at a Randy Marion Automotive dealership this week.
“When I went to RM on 3/23, I counted 34 Mullen & 133 Elms on the lot public has access to. There is another lot that public cannot get into (not sure if there are any over there), said a user on Twitter.
Skeptics have doubted this deal would ever go through but in this video, we see Mullen Class 1 EV cargo vans on Randy Marion Automotive’s public parking lot.
As of Feb. 28, 2023, Mullen has $87,400,009 of cash and cash equivalents, including restricted cash, and Mullen expects to receive an additional $110 million from firm commitments by June 1, 2023.
“I believe we have all the pieces in place between our product, factories, and strategic expertise to execute on our plans to deliver our Class 1 and Class 3 vehicles this year,” said David Michery, CEO and chairman of Mullen Automotive.
“Furthermore, we continue to invest and move at a fast clip with the Mullen FIVE program, which will soon be approaching vehicle engineering freeze, allowing us to move into the next phase of the crossover program.”
Will MULN Stock Recover?
MULN stock is up more than +13% on Wednesday morning.
Shareholders have grown quite weary of the declining share price despite several positive developments.
The company recently won license for IP and exclusive distribution rights in North and South American markets for the Qiantu K50/DragonFLY.
“This agreement with Qiantu is an important milestone for the company, said Mullen’s CEO and Chairman David Michery, adding that “since day one, we have received overwhelming positive feedback for this vehicle, including our original debut at the 2019 New York Auto Show and the Indy 500 in May 2019.
We are excited to start the GT and GTRS programs on March 20, 2023.”
According to sources, Mullen Automotive will work to re-engineer the product to meet U.S. standards with final assembly in Mishawka, Indiana.
The EV supercar will be rebranded and refreshed to sell under the Mullen GT & GTRS brands with expected performance specs of 0-60 MPH in 1.95 seconds and a top speed over 200 MPH.
The stock should recover as these positive developments and updates start taking physical form.
The CEO has hinted at issuing a reverse stock split should the company fail to meet the Nasdaq $1 bid requirement by September this year.
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