It’s official. Mullen Automotive has now received a delisting notice from Nasdaq, the company announced on Thursday.
The letter indicates that the Company did not meet the Staff’s Sept. 5, 2023, deadline to regain compliance with Nasdaq Listing 5550(a)(2) due to the Company’s failure to maintain a minimum bid price of $1.00.
“On Sept. 6, 2023, the Company requested a hearing before the Nasdaq Listing Qualifications Panel to request a further extension of time and present its plan to regain compliance with Nasdaq Listing 5550(a)(2).
Had the Company not requested this hearing, it would have been subject to delisting on Sept. 15, 2023.
The requested hearing typically stays any delisting or suspension action pending the issuance of a final decision by the Panel.
The Panel has broad discretionary public interest authority, which includes the discretion to grant the Company up to an additional 180 calendar days from Sept. 5, 2023, to regain compliance.
The Panel can also exercise that authority to apply additional or more stringent criteria for the continued listing of the Company’s common stock or suspend or delist securities.
Ultimately, there is no guarantee that the Panel will grant an extension of the compliance period,” the company said.
Shares of the EV company fell more than -8% on Wednesday, now marking losses of more than -99% this year-to-date.
On Thursday, shares have fallen an additional -6%.
“$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, said on Wednesday.
Can anything be done to save Mullen Automotive from delisting? Leave your thoughts in the comment section down below.
Also Read: Will Mullen’s New Manipulation Lawsuit Save The Company?
Mullen Files A New Lawsuit Against TD Ameritrade and Others
Mullen Automotive filed a new lawsuit against TD Ameritrade and other large stock brokerage firms, the company announced on Tuesday.
The lawsuit was filed 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.
This 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.
Mullen Automotive stock has been hammered by short sellers despite the company coming out with several positive developments all year, leading investors to believe something much more sinister could be at work here.
Today, the stock is down more than -99% this year-to-date.
Also Read: TD Bank is Now Under Federal Investigation
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