Mullen Automotive (NASDAQ:MULN) is now introducing the new Mullen FIVE RS, an EV sports crossover which will be featured at this month’s “Strikingly Different” EV Tour on August 20, in Austin, Texas.
The FIVE RS is equipped with 800-volt architecture, all-wheel drive, a two-speed gearbox, and over 1,100 horsepower!
According to the company, the Mullen FIVE RS is an ultra-high-performance EV featuring a top speed of 200 mph and acceleration from 0-60 mph in under 2 seconds.
Equipped with 800-volt architecture, all-wheel drive, a two-speed gearbox, and over 1,100 horsepower, the vehicle has a performance-oriented suspension and massive 325/35R21 front and rear tires.
Specifically developed brakes provide quick stopping for the RS, which is fully race prepped to allow occupants to experience max-performance potential.
“I want to encourage shareholders to continue sharing thoughts and opinions with Mullen, and remember we are working together to achieve great things, including pushing the boundaries of EV performance and electrifying the world,” said David Michery, CEO and chairman of Mullen Automotive.
Due to the high-powered capabilities of the FIVE RS, consumers will not be allowed to test drive the vehicle directly.
Instead, Mullen will offer consumers the opportunity to ride in the Mullen FIVE RS alongside a professional race car driver, providing an up-close and personal experience in one of the fastest vehicles available globally.
Mullen will offer “front row” FIVE reservation holders the first chance to experience the Mullen FIVE RS in person on the “Strikingly Different” U.S. test drive tour.
More details on the upcoming tour can be accessed here.
On Wednesday, shares of the stock have fallen more than -3% putting pricing below Nasdaq’s $1 bid requirement.
Will MULN stock be able to remain in compliance long enough before it gets shorted back down again?
Mullen CEO Speaks on New Reverse Split and Short Sellers
Mullen Automotive CEO David Michery speaks on the company’s new reverse stock split as well as short sellers.
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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