Mullen Now Becomes An Approved Vendor For British Airways

Market News Today - Mullen Now Becomes An Approved Vendor For British Airways.
Market News Today – Mullen Now Becomes An Approved Vendor For British Airways.

Mullen Automotive (NASDAQ:MULN) has now become an approved vendor for British Airways, an SEC filing published on Friday shows.

British Airways is the flag carrier of the United Kingdom.

It is headquartered in London, England, near its main hub at Heathrow Airport and is the second largest UK-based carrier, based on fleet size and passengers carried, behind easyJet.

“In April 2023, British Airways began piloting Mullen’s Campus EV cargo van at Los Angeles International Airport (“LAX”).

Subsequently and after the success of the pilot, both LAX and Chicago O’Hare International Airport locations have purchased Campus EV cargo vans in support of BA airport ground operations.

The transactions for both the LAX and ORD closed with the receipt by Mullen of payment from British Airways on August 31, 2023.

On July 12, 2023, BA Engineering entered into a separate Campus EV cargo van pilot agreement for George Bush International Airport in Houston, TX. 

IAH is currently pending a purchase decision.

Mullen is now an approved vendor for additional BA airport locations.”

MULN stock rose on Friday up to +2%, though shares have fallen more than -99% this year-to-date.

“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.

A lawsuit was filed 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.

Also Read: Investors Vote for Mullen CEO to Focus on Illegal Trading

Mullen Automotive News Today

Market News Today - Mullen Now Becomes An Approved Vendor For British Airways.
Market News Today – Mullen Now Becomes An Approved Vendor For British Airways.

It’s official. Mullen Automotive has now received a delisting notice from Nasdaq, the company announced on Thursday.

The letter indicates that the Company did not meet the Staff’s Sept. 5, 2023, deadline to regain compliance with Nasdaq Listing 5550(a)(2) due to the Company’s failure to maintain a minimum bid price of $1.00.

“On Sept. 6, 2023, the Company requested a hearing before the Nasdaq Listing Qualifications Panel to request a further extension of time and present its plan to regain compliance with Nasdaq Listing 5550(a)(2).

Had the Company not requested this hearing, it would have been subject to delisting on Sept. 15, 2023.

The requested hearing typically stays any delisting or suspension action pending the issuance of a final decision by the Panel.

The Panel has broad discretionary public interest authority, which includes the discretion to grant the Company up to an additional 180 calendar days from Sept. 5, 2023, to regain compliance.

The Panel can also exercise that authority to apply additional or more stringent criteria for the continued listing of the Company’s common stock or suspend or delist securities.

Ultimately, there is no guarantee that the Panel will grant an extension of the compliance period,” the company said.

Shares of the EV company fell more than -8% on Wednesday, now marking losses of more than -99% this year-to-date.

On Thursday, shares fell an additional -6%.

“$MULN Rest assured that if and when we receive a delisting notice, we have every intention of filing an appeal immediately upon receipt, which postpones the delisting process until the panel makes a decision.” – CEO David Michery, said on Wednesday.

Can anything be done to save Mullen Automotive from delisting? Leave your thoughts in the comment section down below.

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Market News Today - Mullen Now Becomes An Approved Vendor For British Airways.
Market News Today – Mullen Now Becomes An Approved Vendor For British Airways.

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