Tag: Mullen Automotive News

MULN Stock Continues to Drop Despite Positive Developments

Why is MULN Stock Dropping?
Market News Daily: Why is MULN stock dropping?

Mullen Automotive (NASDAQ:MULN) stock continues to fall despite several positive developments happening with the company.

MULN shares fell to $0.10 on Thursday, closing at $0.11.

Prices have slid more than -22% in the past trading week and more than -64% this year-to-date after shares rose in January from $0.32 to $0.44.

Today’s trading marked the company’s new 52-week low.

The latest developments in Mullen Automotive have been very positive for the company, but prices have continued to tumble.

This week, Mullen Automotive received the distribution rights to their K50 Dragonfly EV supercar.

Shares momentarily rose 2.5% before coming back down.

The company won license for IP and exclusive distribution rights in North and South American markets for the Qiantu K50/DragonFLY.

“This agreement with Qiantu is an important milestone for the company, said Mullen’s CEO and Chairman David Michery, adding that “since day one, we have received overwhelming positive feedback for this vehicle, including our original debut at the 2019 New York Auto Show and the Indy 500 in May 2019.

We are excited to start the GT and GTRS programs on March 20, 2023.”

Mullen Automotive will work to re-engineer the product to meet U.S. standards with final assembly in Mishawka, Indiana.

The EV supercar will be rebranded and refreshed to sell under the Mullen GT & GTRS brands with expected performance specs of 0-60 MPH in 1.95 seconds and a top speed over 200 MPH.

Other Positive MULN Stock News

Positive MULN stock news.
Positive MULN stock news.

Just last week, Mullen Automotive confirmed the delivery of 6,000 Class 1 EV cargo vans valued at $200 million by the end of March 2023.

Mullen Automotive CEO David Michery released the official statement on the company’s website — a positive development shareholders have been waiting for since December of 2022.

The company also reported in their statement that as of Feb. 28, 2023, Mullen has $87,400,009 of cash and cash equivalents, including restricted cash, and Mullen expects to receive an additional $110 million from firm commitments by June 1, 2023.

“I believe we have all the pieces in place between our product, factories, and strategic expertise to execute on our plans to deliver our Class 1 and Class 3 vehicles this year,” said David Michery, CEO and chairman of Mullen Automotive.

“Furthermore, we continue to invest and move at a fast clip with the Mullen FIVE program, which will soon be approaching vehicle engineering freeze, allowing us to move into the next phase of the crossover program.”

In December, Mullen Automotive received a $200 million purchase order for 6,000 of its Class 1 EV cargo vans by RMA group.

Randy Marion Automotive Group is one of the largest and most respected commercial vehicle dealer groups in the U.S.

“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.”

Why is MULN Stock Dropping?

With all of these positive developments in Mullen Automotive, why is MULN stock dropping?

Afterall, investor sentiment remains bullish.

Since the beginning of the year, we’ve seen call options dominate put options in the derivatives market indicating bullish bets.

New retail investors have even flocked to buy shares of the company due to several positive developments in the company.

So, why is MULN stock dropping?

Investors of the company believe Mullen Automotive has become a target of naked short selling, a manipulative strategy that allows market makers and hedge funds to short a stock without actually borrowing the stock from a lender.

Aside from positive news and bullish sentiment among investors, MULN stock has seen a massive increase in FTDs this year, another indication of naked short selling in a stock.

MULN FTDs.

FTDs, or Failure-to-deliver occurs when one party in a trading contract (whether it’s shares, futures, or options) fails to deliver on their obligations.

These failures derive due to buyers not having enough money to take delivery and pay for the transaction at settlement.

In the case of sellers, it means not having the goods to meet that transaction.

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Market News Today - Why is MULN stock dropping?
Market News Today – Why is MULN stock dropping?

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Mullen Gains Distribution Rights to K50 Dragonfly

Market News Daily: Mullen gains distribution rights to K50 Dragonfly supercar.
Market News Daily: Mullen gains distribution rights to K50 Dragonfly supercar.

Mullen Automotive (NASDAQ:MULN) has gained distribution rights to their K50 Dragonfly EV supercar.

Shares of the automaker have risen more than 2.5% on Tuesday.

What’s happening with Mullen Automotive today?

The company won license for IP and exclusive distribution rights in North and South American markets for the Qiantu K50/DragonFLY, per SeekingAlpha.

This is big and positive news for Mullen; will we finally begin to see shares of the company grow in value?

“This agreement with Qiantu is an important milestone for the company, said Mullen’s CEO and Chairman David Michery, adding that “since day one, we have received overwhelming positive feedback for this vehicle, including our original debut at the 2019 New York Auto Show and the Indy 500 in May 2019.

We are excited to start the GT and GTRS programs on March 20, 2023.”

According to sources, Mullen Automotive will work to re-engineer the product to meet U.S. standards with final assembly in Mishawka, Indiana.

The EV supercar will be rebranded and refreshed to sell under the Mullen GT & GTRS brands with expected performance specs of 0-60 MPH in 1.95 seconds and a top speed over 200 MPH.

An Incredible Development for MULN

Market News Daily: Mullen gains distribution rights to K50 Dragonfly supercar.

One of the biggest takeaways from what’s happening with Mullen Automotive today is that the company continues to move forward, despite falling share prices.

Is this company a sleeper?

The company’s plans to already begin production in Indiana to meet U.S. standards is a big steppingstone for the company.

Skeptics have criticized Mullen for not having any cars on the road yet, but the company has taken some steps forward to doing just that.

In February, the company partnered with Menzies Aviation in a 60-day pilot program that will evaluate the Class 1 electric vehicle cargo vans in several use cases across its operations at LAX.

Menzies Aviation is the world’s largest aviation service company and it’s looking for innovative solutions to support its ambitious goal of becoming carbon neutral by 2033.

Menzies has a global fleet of 27,000 ground service equipment, including over 8,000 vehicles, at 250-plus airports worldwide and is committed to switching to electric wherever possible to reduce emissions in line with its sustainability strategy. 

Mullen Automotive confirmed just last week the delivery for 6,000 Class 1 EV cargo vans will be taken place end of March, valued at $200 million.

Are these positive developments in Mullen Automotive enough to send shares skyrocketing this year?

I’d love to hear your thoughts below.

Market News Published Daily

Market News Daily: Mullen gains distribution rights to K50 Dragonfly supercar.
Market News Daily: Mullen gains distribution rights to K50 Dragonfly supercar.

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What is The Probability of MULN Stock Going to $0?

Market News Daily: Will MULN stock go to $0?
Market News Daily: Will MULN stock go to $0?

Concerned investors on social media have raised the question of MULN stock going to $0.

Mullen Automotive (NASDAQ:MULN) stock ended the week at $0.14, down -9.20% on the day and down -17% for the week.

MULN stock tested $0.44 in January and again during the first week of February, but shares have been plunging ever since.

The automotive company has had a string of positive developments, with the latest MULN stock news confirming the delivery of the $200 million purchase order.

But despite these positive developments, Mullen Automotive shares have continued to tumble with concerns in the air of MULN stock going to $0.

Some warn Mullen Automotive stock may crash to zero as bankruptcy risks rise.

But Mullen reports that as of Feb. 28, 2023, the company has $87,400,009 of cash and cash equivalents, including restricted cash, and expects to receive an additional $110 million from firm commitments by June 1, 2023.

An official statement from Mullen Automotive published on 3/16 read:

“The Company believes the combination of cash on hand and expected firm cash commitments provides it with enough capital to execute on its business plan over the next 12 months.”

Will Mullen Automotive go bankrupt?

Doesn’t seem likely by that statement.

Will MULN Stock Go to Zero?

Market News Daily: Will MULN stock go to zero?
Market News Daily: Will MULN stock go to zero?

Mullen Automotive CEO David Michery has a plan to issue a reverse stock split should the company fail to meet Nasdaq’s $1 bid per share compliance.

Will this strategy save MULN stock from going to zero?

It’s very possible, but investors are look at CEO David Michery for answers.

MULN stock chopped at $0.14 majority of the day on Friday.

If the stock is able to find a strong support here, we may begin to see it move up again if buyers flood in.

However, market makers and hedge funds are still in control of where prices are headed — we’ve seen these institutions drive companies to $0 before, mainly through naked short selling.

Mullen Automotive Avoids Getting Delisted

Market News Daily: Will MULN stock go to $0?
Market News Daily: Will MULN stock go to $0?

The company 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.

“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.

Related: These 3 Signs Point Towards Naked Shorting in MULN Stock

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Market News Daily: Will MULN stock go to zero?
Market News Daily: Will MULN stock go to zero?

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Official: Mullen Confirms Delivery for $200M Purchase Order

Mullen Automotive $200 Million Purchase Order
Market News Daily: Mullen Automotive $200 Million Purchase Order Update.

Official: Mullen Automotive (NASDAQ:MULN) has confirmed the delivery of 6,000 Class 1 EV cargo vans valued at $200 million for the end of March 2023.

Mullen Automotive CEO David Michery released the official statement on the company’s website — a positive development shareholders have been waiting for since December of 2022.

As of Feb. 28, 2023, Mullen has $87,400,009 of cash and cash equivalents, including restricted cash, and Mullen expects to receive an additional $110 million from firm commitments by June 1, 2023.

The Company believes the combination of cash on hand and expected firm cash commitments provides it with enough capital to execute on its business plan over the next 12 months.

Here’s a statement from David Michery, Mullen CEO:

“I believe we have all the pieces in place between our product, factories, and strategic expertise to execute on our plans to deliver our Class 1 and Class 3 vehicles this year,” said David Michery, CEO and chairman of Mullen Automotive.

“Furthermore, we continue to invest and move at a fast clip with the Mullen FIVE program, which will soon be approaching vehicle engineering freeze, allowing us to move into the next phase of the crossover program.”

About the $200 Million Purchase Order

Market News Today: Mullen Automotive $200M Purchase Order Update

In December, Mullen Automotive received a $200 million purchase order for 6,000 of its Class 1 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.

Other Recent MULN Stock News

Market News Today - Mullen Automotive $200 Million Purchase Order Update.
Market News Today – Mullen Automotive $200 Million Purchase Order Update.

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.

“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 just under $0.15.

Market News Published Daily

Market News Today - Mullen Automotive $200 Million Purchase Order Update.
Market News Today – Mullen Automotive $200M Purchase Order Update.

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Mullen Automotive Resignations Are Rising

Market News Daily: Mullen Automotive resignations raise accounting concerns.
Market News Daily: Mullen Automotive resignations raise accounting concerns.

Mullen Automotive (NASDAQ:MULN) resignations are rising, not a good sign as the company’s share price continues to tumble.

The company announced that Chief Accounting Officer (CAO) Kerri Sandler resigned on March 6th.

Vice President of Operations Chester Bragado became the new CAO immediately.

With over 20 years of experience, Bragado previously served as Mullen’s executive vice president of operations.

Before that, he held financial, auditing and accounting roles at companies like Sambazon and Loop Media.

Bragado has also served as an external auditor for PriceWaterHouseCoopers (PwC).

“There are no arrangements or understandings between Mr. Bragado and any other person pursuant to which he was appointed to serve as Chief Accounting Officer and Mr. Bragado does not have a direct or indirect material interest in any ‘related party’ transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K,” said Mullen in a Form 8-K.

“There are no family relationships between Mr. Bragado and any director or executive officer of the Company.”

Mullen Automotive News: Auditor Resigns

Market News Daily: Mullen Automotive resignations raise accounting concerns.
Market News Daily: Mullen Automotive resignations raise accounting concerns.

This announcement comes after Mullen’s auditor resigned this month.

Last week, Daszkal Bolton disclosed that it would resign immediately following a merger with CohnReznick.

Daszkal had been the company’s auditor since 2020.

Mullen did not provide any other reason for the resignation besides the merger.

Meanwhile, Mullen noted that it had engaged RBSM as its new public accountant.

Mullen Automotive has had many positive developments this year but its resignations are raising concerns.

The Brea, California-based company reported a net loss before accrued preferred dividends and non-controlling interest of $378.46 million for the three months ended Dec. 31.

MULN is currently down more than -57% this year-to-date.

7 Analysts had given the company a price target of $24.15 per share earlier this year but only 1 analyst is now giving the company a target of $23.

MULN stock is trading at $0.13 at the moment.

Hitting $1 per share is one of the biggest concerns for shareholders right now.

Mullen Automotive Avoids Getting Delisted

Mullen Automotive News Today: MULN stock avoids getting delisted.

Mullen Automotive 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.

“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.

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Market News Daily: Mullen Automotive resignations raise accounting concerns.
Market News Daily: Mullen Automotive resignations raise accounting concerns.

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What Are Analysts Saying About MULN Price Target Now?

MULN Stock Price Target 2023
Market News Daily: MULN stock price target update.

Earlier this year, analysts had given Mullen Automotive (NASDAQ:MULN) a price target in 2023 of $24.15, or up 7,000% from at the time its $0.32 share price.

MULN stock is currently down -40% this year-to-date, though the stock did surge more than +30% earlier in January.

At the time, 7 stock analysts rated MULN stock as a ‘buy’.

Experts gave MULN a price target low of $23.23 (+7,067%), average of $23.46 (+7,138%), and high of $24.15 (+7,351%).

Mullen Automotive has undergone several positive developments this year despite a big drop in their share price.

The company recently received an exclusive federal government contract for its new electric cargo vans.

It also partnered with Menzies Aviation this first quarter, supplying the aviation company with thousands of vehicles.

Mullen Automotive stock did manage to avoid getting delisted last week after being unable to meet Nasdaq’s $1 bid requirement on March 6th.

Investors have suspected the company has become a target to naked shorting, illegal predatorial shorting tactics that drive shares down without owning any real stock.

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.

MULN Stock Price Target Update

So, what are analysts saying now regarding MULN stock’s price target for 2023?

Quite frankly, nothing.

Stockanalysis.com isn’t reporting a forecast anymore.

They removed all data from their website and stated, “there is currently no analyst price target forecast available for MULN”.

The analyst consensus is null and the 12-month forecast is no longer displaying on their website (see below).

But stockanalysis.com wasn’t the only site reporting Mullen Automotive stock’s price target.

They received their data from CNN Money/Business.

So, what is CNN Money analysts now saying about MULN’s price target for 2023?

According to their website, 1 analyst is prediction MULN Automotive to surge more than +13,000% to a high of $23 from its current share price of $0.17.

It’s no longer 7 analysts on the panel but rather 1 sticking to their convictions on MULN stock breaking into the low $20 levels.

CNN Business has also made their MULN stock forecast chart for the next 12 months unavailable, see below.

CNN is also reporting no analyst recommendations, where as before, they suggested Mullen Automotive stock was a strong buy.

Also Read: Big Short Sellers Own Majority of MULN Stock

What Will Become of MULN Stock?

Mullen Automotive CEO David Michery has had no communication with shareholders, something investors have demonstrated resentment towards.

Optimistic shareholders say the stock is a ‘hold’ as positive developments will eventually trump the company’s current adversity in the market.

Others are waiting to break even or a major runup to cash their investments out with profit.

Yet, there are still shareholders who believe in the success of the company long-term despite the risks.

I’m curious to know where you stand with Mullen Automotive stock.

Are you on board with the analyst MULN stock price target?

Feel free to add your thoughts and opinions in the comment section below.

Share this article and get heard.

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Market News Today - MULN stock price target update.
Market News Today – MULN stock price target update.

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Mullen Automotive Receives Exclusive Federal Contract

Market News Daily: Mullen Automotive Receives Exclusive Federal Contract.
Market News Daily: Mullen Automotive Receives Exclusive Federal Contract.

(WSBT) Mullen Automotive (NASDAQ:MULN) will now be the exclusive provider for a new class of electric cargo vans for the federal government.

It is also set to produce three types of electric vehicles at the former AM General site in St. Joseph County.

Potential success for Mullen Automotive is ahead, according to the South Bend Chamber of Commerce.

This comes as its new site in St. Joseph County looks to begin operation within a year.

Mullen Automotive will produce a new class of electric cargo vans for government use.

While those models will not be made in St. Joseph County, three other vehicles will.

That includes the Mullen 5 which is a Tesla Model 3-like competitor, the Bullinger B1 SUV and the B2 pick-up.

All will be made at the former AM General Plant, a site that has seen attempts of EV manufacturing in the past.

South Bend Regional Chamber of Commerce President Jeff Rea says the launch of a new partnership and product reflect the company’s success in a competitive market.

“Our hope is that they’re popular, that they get some good sales and some good traction, and then ultimately that leads to further sales and further production here in Mishawaka,” said Jeff Rea, South Bend Regional Chamber President and CEO.

Related: Will MULN Stock Reach $1 Before Its September Deadline?

Mullen Automotive Electric Vehicle Battery Plant?

Market News Daily: Mullen Federal Contract News.
Market News Daily: Mullen Federal Contract News.

Rea says Mullen is also developing technology for even more vehicles that will be produced in St. Joseph County.

He believes in Mullen’s chance for long-term success, as it has a broad focus with several different models set for production.

Adding the manufacturer could become a big asset for the county as it looks to become more competitive in the EV industry.

“We’ve wanted to be part of the jobs of the future, and the fact that we’re in this conversation for a potential large electric vehicle battery plant on the west side of the county for an allogenic expansion on the west side of the county, and the EV space now, Mullen on the east side of the county really solidifies us as part of this future economy, gives us this cluster if we can even work on developing a workforce and attracting other future users,” said Rea.

Although Mullen purchased the site months ago, production in St. Joseph County for Mullen vehicles is set for late this year or early 2024.

Latest MULN Stock News

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.

You can read more MULN stock news here.

Market News Published Daily

Mullen Automotive Receives Exclusive Federal Contract. news.
Market News Today – Mullen Automotive Receives Exclusive Federal Contract.

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