Mullen Automotive (NASDAQ:MULN) has now repurchased $5.6 million in shares of its common stock, the company reported on Tuesday.
The company’s buyback program started on August 16 and may continue through December 31, 2023.
As of today, Mullen Automotive has repurchased $5,610,600 in shares of its common stock with $19,389,400 left from its 2023 buyback program.
“As I have stated on many prior occasions, I believe that our stock is undervalued. The Company has a strong balance sheet and we continue to execute on our business plan, including our recent Class 3 production start with the first vehicles rolling off the line,” said David Michery, CEO and chairman of Mullen Automotive.
On July 6, 2023, the Board of Directors (the “Board”) of the Company 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.
has now filed a new lawsuit against TD Ameritrade and other large stock brokerage firms, the company announced on Tuesday.
On Tuesday, Mullen also announced that it has filed a lawsuit in the United States District Court, in the Southern District of New York, against TD Ameritrade, Charles Schwab, National Finance Services and others alleging that these broker-dealers engaged in a scheme to manipulate the share price of the Company’s securities.
Today, Mullen Automotive shares are down more than -99% this year-to-date.
Will Mullen Automotive be able to save the company as well as shareholder value? Leave your thoughts below.
Mullen Provides New Share Intel Update
“MULN is one of the largest traded stocks on the NASDAQ, and it has seen a precipitous decline in value despite announcements highlighting many Company successes.
I have been extremely frustrated by the performance of our stock and long-suspected illegal short-selling activities.
That is why we engaged Share Intel and the law firms of Christian Attar and Warshaw Burstein to investigate this matter further to protect the Company and its loyal shareholder base.
I am hopeful that this lawsuit sends a clear and unequivocal message to anyone considering any form of illegal trading of Mullen stock.
Our company has a zero-tolerance approach when it comes to manipulative trading practices.
We believe the Company and its shareholders have been significantly harmed by certain traders and their brokers and market makers, such as the named Defendants in the lawsuit, that have facilitated this unlawful conduct.
Rest assured, we will use all legal measures at our disposal to stop illegal trading activities and to protect the Company and its shareholders,” said Mullen CEO David Michery.
“Like you, we saw the press release this morning but have not yet reviewed the filing,” a spokesperson from Charles Schwab told FrankNez.
“My law firm and my co-counsel, Alan Pollack, from Warshaw Burstein, together with our team of experts and analysts, are committed to representing companies like Mullen who are targets of dishonest broker-dealers who employ schemes and devices to manipulate the share price of their companies securities,” said Wes Christian.
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Also Read: TD Bank is Now Under Federal Investigation
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