Mullen Automotive (NASDAQ:MULN) has now issued a new letter to shareholders regarding the decrease of the company’s share price.
Shares of the company fell below a quarter on Thursday to $0.20 before testing $0.29.
Volume soared to 260 million by noon EST.
CEO David Michery in an earlier interview also addressed Mullen’s falling share 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.”
Below is Mullen Automotive’s official letter to shareholders.
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Mullen Issues Letter to Shareholders
We want to respond to the many emails and calls regarding the decrease in our share price.
Since March 31, 2023, our stock has declined 90% from $3.25 per share.
On June 13, 2023, the Company’s common stock closed at $0.32 per share.
The Company currently trades at a discount to its current cash position of $135 million or $.38 per share.
Despite the decline in stock price, management believes we are in position to meet the previously announced objectives for moving first into the production and then sale of our Class 3 commercial vehicles during the quarter ending Sept. 30, 2023.
As per the Company’s last reported financial position on March 31, 2023, we had $86.7 million of cash available to operations and $0.68 of cash value per share.
Our book value per share was $2.08 on March 31, 2023.
In addition to cash, the Company has completed two acquisitions that added valuable, unencumbered assets to the balance sheet:
- On Sept. 7, 2022, Bollinger Motors became a majority-owned EV truck company of Mullen Automotive.
- On Dec. 1, 2022, Mullen purchased certain assets of Electric Last Mile Solutions (“ELMS”) for $105 million, which included all of the IP and a 650,000-square-foot manufacturing plant in Mishawaka, Indiana.
In addition to acquisition assets listed above, Mullen’s Tunica, Mississippi, assembly facility has over 120,000 square feet of manufacturing space on 100 acres of land.
The Tunica facility is in the final stages of equipment installation for the launch of Mullen’s commercial Class 3 production in the quarter ending Sept. 30, 2023.
To date, the Company has filed over 200 U.S. and international patent applications, with 90 patents granted to date, related to vehicle design, technology, safety and convenience features in support of the Mullen FIVE consumer vehicle program.
The Company has received $279 million in purchase orders from Randy Marion Automotive Group for Mullen Class 1 and Class 3 EV vans and trucks.
Randy Marion, based in North Carolina, is one of the largest commercial vehicle dealer groups in the U.S.”
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