Mullen Automotive (NASDAQ:MULN) skyrocketed on Wednesday with a new record high volume.
Shares closed at $0.1709, up more than +69% and kept surging after hours to $0.1904, an additional +11.41%.
Volume rose to new records this year boasting 1,260,716,766.
The stock is currently down more than -97% this year-to-date after what the company believes to be due to illegal ‘naked short selling’.
Mullen Automotive has announced several positive developments this year which none have been able to keep the stock from being hammered to the ground.
The company announced on Wednesday that it has retained Christian Attar, formally known as Christian Levine Law Group, and in partnership with Warshaw, Burstein, LLP, to combat naked short selling activities, causing MULN stock to surge.
“Since our announcement on April 28, we have been actively investigating naked short selling and we now have enough intel to have the law firm actively investigate and, where justified, take action against any market manipulators using naked short selling, spoofing or other illegal acts,” stated David Michery, CEO and chairman of Mullen Automotive, Inc.
The massive volume in Mullen may suggest short sellers have begun to close their positions, though we’ll need to maintain an eye on the company’s short interest to identify the relation.
Another reason for the company’s big surge in share price on Wednesday could be from a buy-back that’s yet to be announced or from big whales stepping in.
The big question is, will MULN stock be able to maintain this momentum or simply come crashing back down?
Big Recent Mullen Automotive News
Mullen Automotive is scheduled to start new production this month on its Class 3 EV cargo vans.
The company announced in May an array of shareholder updates relating to the progress of the company’s projects.
One of which stated that in July 2023 the production line for its Class 3 is planned to become operational, with anticipated deliveries and revenue from the Class 3 truck expected in August and September 2023.
Additionally, there will be optional trim and chassis assembly lines to accommodate new models.
Mullen Automotive noted that the company would also be hiring 35 additional plant staff to begin production in July at its Tunica, Mississippi assembly facility.
While the company hasn’t officially confirmed the start of production yet, it’s certainly a move shareholders are expecting to hear sometime this month.
The Mullen FIVE, Mullen FIVE RS, Mullen Commercial Class 1, Mullen Commercial Class 3 as well as the new Mullen GT are also expected to be showcased in August at the Strikingly Different EV Tour.
The company stock has not been able to rebound just yet and is currently at risk for another reverse stock split, but Work Truck says Mullen is now transforming the EV market as it sets to close the gap between the EV and government fleet commercial industry.
Will Mullen Automotive be able to pull this one off?
It’s important to note that the company’s latest 8K filing states that delays may occur at any time.
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Scam company. They had plenty out of me unfortunately.
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