Mullen Automotive’s (MULN) short interest has now surged to a whopping 119.44% as it’s share price plunges to $0.34.
The company recently underwent yet another reverse stock split, further diluting shareholder value, and drastically falling 99% in just one month alone.
Just two years ago, MULN was in a similar position where short interest rose to 125% despite ongoing developments within the company.
Data also showed that at least 81% of trading was happening in dark pools, indicating the company may be a target by nefarious short sellers.
In October of 2023, Mullen Automotive alleged that TD Ameritrade, Charles Schwab, National Finance Services, and others were behind a manipulation attack against its stock.
“We are optimistic that we will expose the wrongful conduct of the Defendants and obtain an award holding them responsible for every dollar they have wrongfully extracted from Mullen and its shareholders either from Settlement or Judgment.
We intend to move this case forward as rapidly as possible,” said Wes Christian in a statement at the time.
However, no further updates have been provided over the years, eroding investor sentiment and confidence.
CEO David Michery has been criticized for diluting shareholder value without remorse for his investors who have strongly supported and believed in his company.
Several influencers within the MULN community on social media platforms have even refrained from involving themselves any further due to backlash of the stock’s performance.
“We are aggressively pursuing all remedies available to us to protect the company and our shareholders,” said David Michery, CEO and chairman of Mullen Automotive, at the time.
At the time of this writing, Michery has not published any posts on X, formerly Twitter, since the holidays.
Previous posts demonstrate the frustration and anger from Mullen Automotive shareholders who have lost their entire investments due to dilution and false promises.
The company and its CEO have been known for distributing press releases that ended up being untrue and disproven.
The latest case is when Michery shared a partnership between Mullen Automotive and Volt Mobility, claiming the company agreed to purchase 3,000 EVs.
Volt Mobility’s CEO later disclosed the misinformation on Michery’s behalf.
Michery then stated, “Sophia Nau of Volt Mobility, clarified the recent confusion and set the record straight about Mullen’s partnership with Volt.”
In another instance, the company partnered with Lawrence Hardge, who hyped a deal with Saudi Arabia that never came to fruition.
And this list goes on and on.
While Mullen Automotive has created some incredible looking EVs, it’s investors have found it rather difficult to trust the company and its CEO for years now.
Michery has been painted as a ‘retail thief’ who is working with Wall Street to short the company and make money off the backs of average retail investors.
This theory presented by many retail investors seems to be the consensus, but I’m curious to know what you think.
Leave your thoughts below.
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Hmmmm 119% based on 1.08 Million shares outstanding according to Fintel. Of course Mullen stated “as of March 6, 2025, there were 3,673,608 shares of Common Stock of the Company issued and outstanding” in their 8-K filing dated March 7th. So per usual Fintel is wrong. Using the correct OS and current short data the SI is around 30%.
Seriously how many times are you going to fall for and repeat the “Mullen SI is over 100%” nonsense.