Mullen Automotive (NASDAQ:MULN) just avoided getting delisted after it failed to meet its $1 per share requirement on March 6, 2023.
Nasdaq approved a 180-day extension for Mullen Automotive to meet the minimum $1 bid price per share.
On Sept. 7, 2022, Nasdaq provided notice to the Company that, based on the previous 30 consecutive business days, the Company’s listed common stock no longer met the minimum $1 bid price per share requirement as set forth in Nasdaq Listing Rule.
The Company was provided 180 calendar days, or until March 6, 2023, to regain compliance.
If Mullen stock fails to trade above $1 for a minimum of 10 consecutive business days prior to Sept. 5, 2023, the Company will implement a reverse stock split to cure the Deficiency prior to the expiration of the additional 180-day compliance period.
In other words, it doesn’t seem like Mullen Automotive stock will get delisted.
“Consistent with my message to our shareholders, we will use our best efforts to regain compliance to meet Nasdaq’s requirement for a $1 minimum bid price,” said David Michery, CEO and chairman of Mullen Automotive.
MULN stock is currently trading below $0.20 at the time of this publication.
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Latest MULN Stock News
One of Mullen Automotive’s partners is facing serious charges — the SEC charged the Mullen financier with insider trading on another particular stock the day before Mullen and Acuitas Group made revisions to an agreement.
Mullen Automotive, Acuitas Group, and Acuitas CEO Terren Peizer have a long history.
The three parties have been involved in several financing agreements in the form of dilutive equity and debt.
Yesterday, the electric vehicle (EV) company announced that it had amended an agreement with Acuitas on March 2, bypassing the fact that its CEO was just charged with insider trading.
The amendment would see Acuitas purchase Series D preferred stock and warrants worth $20 million with an exercise date of June 1.
On March 1, it was announced that the SEC had charged Terren Peizer with insider trading for selling over $20 million worth of Ontrack (NASDAQ:OTRK) while in possession of material, nonpublic information concerning the company’s largest customer.
Peizer stepped down as CEO of Ontrak following the announcement.
The U.S. Department of Justice also announced criminal charges against the former CEO.
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