Mullen Automotive (NASDA:MULN) is preparing to receive a new delisting notice according the company’s latest post on social media.
Shares of the EV company fell more than -8% on Wednesday, now marking losses of more than -99% this year-to-date.
As the company’s shares hover just above $0.45, Mullen braces to receive a new delisting notice.
“$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
Each trading day, Nasdaq publishes a list of Nasdaq issues that are pending suspension or delisting.
An issue will appear on this list the first trading day after the issuer provides Nasdaq with notification of its intent to voluntarily delist.
An issue will also appear on this list if it has been suspended for failure to meet continued listing requirements or due to other events such as expiration, redemption, or acquisition of the security.
Issues will remain on this list until the first business day after the issue is delisted.
An issue is delisted 10 calendar days from the date the Form 25, Notification of Removal from Listing and/or Registration, is filed with the Securities and Exchange Commission.
Due to the current share price, Mullen Automotive also risks issuing another reverse split to remain compliant with Nasdaq’s $1 bid requirement.
What are your current thoughts on the company? Leave your thoughts in the comment section down below.
Will Mullen’s New Manipulation Lawsuit Save The Company?
Last week Mullen Automotive 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.
The lawsuit seeks compensatory damages and injunctive relief from Defendants arising from their unlawful conduct in violation of Section 10b and Rule 10b-5 promulgated thereunder of the Securities Exchange Act of 1934.
“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.
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