Mullen Automotive (NASDAQ:MULN) received a $200 million purchase order for 6,000 of its EV cargo vans.
Randy Marion Automotive Group has taken on a fleet of Mullen EV’s to kick off the first quarter of the new year just right.
RMA is one of the largest and most respected commercial vehicle dealer groups in the U.S. Randy Marion Isuzu, LLC, a division of RMA, has committed to the purchase of 6,000 Class 1 EV cargo vans from Mullen Automotive.
Mullen recently announced RMA as its first commercial dealer partner to offer sales, service and parts for Mullen Automotive’s commercial vehicle lineup.
“We see a tremendous opportunity with the Mullen commercial portfolio, and the launch of the commercial van could not come at a better time,” said Randy Marion, CEO and founder of RMA. “There’s significant pent-up customer demand for Mullen to fulfill. I have many customers looking at me to find product for their companies.”
“This is a real vote of confidence in our company. We appreciate Randy’s vision and aggressiveness to partner with us,” said John Schwegman, chief commercial officer for Mullen Automotive. “He clearly sees the future in commercial EVs.”
“The Randy Marion Automotive team is fully aligned with our Class 1 EV plan and is well positioned to help us capitalize on our first mover advantage in the commercial EV segments,” said David Michery, chairman and CEO of Mullen Automotive.
Analysts give MULN stock a +7,000% forecast
In a recent case study, we see that analysts are predicting MULN stock to surge more than +7,000% by the end of the year.
Experts are predicting MULN’s share price to rise to approximately $23 per share from its main support level of $0.32 per share, currently trading above $0.40.
The forecast is ambitious without a doubt, but the company shows great signs of scalable growth both in the near- and long-term future.
Mullen Automotive recently partnered with Loop Global to deploy EV charging solutions, including a public DC fast charging network and residential offerings.
The company is also preparing for 3 commercial product launches in 2023 after signing with their first U.S dealer partner, RMA Group.
In early December, the company also announced Former General Motors Government Sales Leader Ronald Dixon will be leading Mullen’s EV charge for U.S government fleet sales.
How soon will MULN shares reach $1?
The last time Mullen Automotive shares traded at $1 was in July of 2022.
The company said it has until March 6 to meet the Nasdaq minimum bid requirement of $1.
If shares haven’t reached $1 by then, the company said in a statement that it intends to seek an extension from Nasdaq to meet the $1-per-share threshold.
This means that if the company wants to keep its company listed in the market, it will do everything in its power to meet that $1-per-share threshold.
However, Mullen Automotive may also request an extension if it does not meet the $1 requirement by March 6th.
“If the company still falls short of the minimum bid requirement, it will effect a reverse stock split at that time to maintain its Nasdaq listing compliance.”
For shareholders, a reverse stock split would decrease the number of shares they own but increase the share price without changing the overall value of their holdings.
MULN stock will need to break above $0.44 to begin retesting $0.60 and eventually $1.
Mullen Automotive 2024
Mullen Automotive, which went public in November 2021, also has a manufacturing facility in Tunica County, Mississippi.
Mullen said delivery of its Mullen Five, its first electric crossover, is set for 2024 and will utilize facial recognition technology.
That vehicle, Mullen said, will have a range of 325 miles, will travel up to 155 miles per hour, and will accelerate from zero to 60 miles per hour in 3.2 seconds.
Does Tesla have an emerging competitor?
This sounds exciting, but I’m curious to know your thoughts.
Leave your thoughts in the comment section down below.
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