Tag: Mullen Automotive Stock News (Page 1 of 2)

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.

Market News Published Daily

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

For stock market, business news and updates, join the newsletter to receive weekly market news and notifications straight to your inbox.

Franknez.com is the media site that keeps retail investors informed.

You can also follow Frank Nez on TwitterInstagramFacebook, or LinkedIn for daily posts.


Franknez.com

You can now read exclusive FrankNez articles for only $1/mo.

  • Gain access to EXCLUSIVE FrankNez articles you won’t find here.
  • Become part of a private and safe Discord community, just for retail investors.
  • Get drawn at the end of the year for holiday giveaways.


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.

For stock market, business news and updates, join the newsletter to receive weekly market news and notifications straight to your inbox.

Franknez.com is the media site that keeps retail investors informed.

You can also follow Frank Nez on TwitterInstagramFacebook, or LinkedIn for daily posts.


Franknez.com

You can now read exclusive FrankNez articles for only $1/mo.

  • Gain access to EXCLUSIVE FrankNez articles you won’t find here.
  • Become part of a private and safe Discord community, just for retail investors.
  • Get drawn at the end of the year for holiday giveaways.


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

Market News Published Daily

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

For stock market, business news and updates, join the newsletter to receive weekly market news and notifications straight to your inbox.

Franknez.com is the media site that keeps retail investors informed.

You can also follow Frank Nez on TwitterInstagramFacebook, or LinkedIn for daily posts.


Franknez.com

You can now read exclusive FrankNez articles for only $1/mo.

  • Gain access to EXCLUSIVE FrankNez articles you won’t find here.
  • Become part of a private and safe Discord community, just for retail investors.
  • Get drawn at the end of the year for holiday giveaways.

My New Book is Out Now! Use Code: THENEZ


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.

For stock market, business news and updates, join the newsletter to receive weekly market news and notifications straight to your inbox.

Franknez.com is the media site that keeps retail investors informed.

You can also follow Frank Nez on TwitterInstagramFacebook, or LinkedIn for daily posts.


Franknez.com

You can now read exclusive FrankNez articles for only $1/mo.

  • Gain access to EXCLUSIVE FrankNez articles you won’t find here.
  • Become part of a private and safe Discord community, just for retail investors.
  • Get drawn at the end of the year for holiday giveaways.

My New Book is Out Now! Use Code: THENEZ


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.

Market News Published Daily

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

For stock market, business news and updates, join the newsletter to receive weekly market news and notifications straight to your inbox.

Franknez.com is the media site that keeps retail investors informed.

You can also follow Frank Nez on TwitterInstagramFacebook, or LinkedIn for daily posts.


Franknez.com

You can now read exclusive FrankNez articles for only $1/mo.

  • Gain access to EXCLUSIVE FrankNez articles you won’t find here.
  • Become part of a private and safe Discord community, just for retail investors.
  • Get drawn at the end of the year for holiday giveaways.

My New Book is Out Now! Use Code: THENEZ


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.

Market News Published Daily

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

For stock market, business news and updates, join the newsletter to receive weekly market news and notifications straight to your inbox.

Franknez.com is the media site that keeps retail investors informed.

You can also follow Frank Nez on TwitterInstagramFacebook, or LinkedIn for daily posts.


Franknez.com

You can now read exclusive FrankNez articles for only $1/mo.

  • Gain access to EXCLUSIVE FrankNez articles you won’t find here.
  • Become part of a private and safe Discord community, just for retail investors.
  • Get drawn at the end of the year for holiday giveaways.

My New Book is Out Now! Use Code: THENEZ


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.

For stock market, business news and updates, join the newsletter to receive weekly market news and notifications straight to your inbox.

Franknez.com is the media site that keeps retail investors informed.

You can also follow Frank Nez on TwitterInstagramFacebook, or LinkedIn for daily posts.


Franknez.com

You can now read exclusive FrankNez articles for only $1/mo.

  • Gain access to EXCLUSIVE FrankNez articles you won’t find here.
  • Become part of a private and safe Discord community, just for retail investors.
  • Get drawn at the end of the year for holiday giveaways.

My New Book is Out Now! Use Code: THENEZ


Will MULN Stock Reach $1 Before Its September Deadline?

Will MULN stock Reach $1
Market News Daily: Will MULN stock reach $1?

Mullen Automotive (NASDAQ:MULN) stock avoided getting delisted when it failed to meet Nasdaq’s dollar bid requirement; will MULN stock reach $1 before its new September deadline?

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.

MULN shares dropped below $0.20 on Thursday, currently trading around $0.18 per share.

The stock is now down -41% after analysts gave the company a +7,000% prediction for 2023.

This was around the time MULN stock was trading at $0.32 — giving Mullen Automotive a price target of $24.

Despite positive developments in the company, Mullen’s share price continues to plunge.

Shareholders say Mullen Automotive may have become a target to naked short selling.

Are Investors Still Bullish on MULN Stock?

Yet another reason why investors believe MULN stock is being naked shorted, all signs still point towards bullish sentiment — buyers still outweigh sellers.

For the entire year, we’ve seen the call options volume distribution lean heavily more towards calls, and indication investors are betting on the stock to rise.

And although volume has recently come down from earlier this year, call options continue to dominate put options in the derivatives market.

Investors are clearly bullish on MULN stock despite the massive price decline in the past months.

On Thursday, we’re seeing calls volume outweigh put options by more than 19K in volume.

In the past we’ve seen hundreds of thousands of call option volume outweighing put option orders.

New buyers of the stock have also recently come into the market.

MULN isn’t as heavily shorted as AMC or other retail favorites, yet it’s price seems to be getting suppressed like these other ‘meme stocks’.

Will MULN Stock Reach $1?

Market News Daily: Will MULN stock reach $1?
Market News Daily: Will MULN stock reach $1?

Something we’ve seen in earlier this year is that heavy buying pressure has been able to move the stock up — all it’s going to take for MULN stock to reach $1 is enough buying momentum from retail investors.

But many shareholders liquidity pool has also begun to dry up, with many being long-term buyers who are deep in unrealized losses.

However, new investors may be able to profit on a move from current levels up to $1 per share.

Here’s a statement from Mullen Automotive’s CEO in regard to the company stock reaching $1 per share.

“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.

Will you be buying MULN stock in efforts to capitalize on a price surge to $1?

Or are you simply holding and hoping for the best?

Leave your thoughts in the comment section below.

Your voice is powerful, please share this article to raise awareness.

Related: MULN Stock Avoids Getting Delisted for Now

Market News Published Daily

Market News Today - MULN reverse stock split
Market News Today – Will MULN stock reach $1?

For stock market, business news and updates, join the newsletter to receive weekly market news and notifications straight to your inbox.

Franknez.com is the media site that keeps retail investors informed.

You can also follow Frank Nez on TwitterInstagramFacebook, or LinkedIn for daily posts.


Franknez.com

You can now read exclusive FrankNez articles for only $1/mo.

  • Gain access to EXCLUSIVE FrankNez articles you won’t find here.
  • Become part of a private and safe Discord community, just for retail investors.
  • Get drawn at the end of the year for holiday giveaways.

My New Book is Out Now! Use Code: THENEZ


BREAKING: SEC Charges Mullen Financier with Insider Trading

Market News Daily: SEC charges Mullen Financier with Insider Trading.
Market News Daily: SEC charges Mullen Financier with Insider Trading.

One of Mullen Automotive’s (NASDAQ:MULN) 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 Ontrak (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.

How This Affects MULN Shareholders

An amended Schedule 13G filing shows that Peizer owned zero shares of MULN common stock as of Dec. 31.

At the same time, he also held warrants that could be exercised into 148.55 million shares and $32.86 million worth of convertible notes.

Mullen’s resale filing, dated Feb. 16, noted that Acuitas would own just three shares of common MULN stock upon the completion of the offering.

Shareholders own hundreds to several thousands of shares of the company.

The deal between Acuitas and Mullen Automotive is rather sketchy and doesn’t portray the company in a positive light despite its recent and positive developments.

Mullen has recently partnered with Menzies Aviation and is currently on track to debuting two EV commercial products at the NTEA Work Truck Show this week.

I’m curious to know from shareholders — how do you feel about Mullen Automotive’s financiers?

Peizer, who was just charged with insider trading was also granted warrants by Mullen that could be exercised into more than $32 million without owning a single share.

Is this suspicious in your opinion?

Leave your thoughts below.

Market News Published Daily

Market News Today - SEC Charges Mullen Financier with Insider Trading.
Market News Today – SEC charges Mullen Financier with Insider Trading.

For stock market, business news and updates, join the newsletter to receive weekly market news and notifications straight to your inbox.

Franknez.com is the media site that keeps retail investors informed.

You can also follow Frank Nez on TwitterInstagramFacebook, or LinkedIn for daily posts.


Franknez.com

You can now read exclusive FrankNez articles for only $1/mo.

  • Gain access to EXCLUSIVE FrankNez articles you won’t find here.
  • Become part of a private and safe Discord community, just for retail investors.
  • Get drawn at the end of the year for holiday giveaways.

My New Book is Out Now! Use Code: THENEZ


Mullen Faces Lawsuit for Failing to Distribute Stock

Mullen Lawsuit
Market News Today: Mullen faces lawsuit from Drawbridge Investments.

Mullen Automotive (NASDAQ:MULN) is facing a lawsuit after failing to distribute Series E preferred stock to its partners.

(BusinessWire) Drawbridge Investments and DBI Lease Buyback Servicing have filed a complaint against Mullen Automotive.

Earlier this week, court filings revealed that Drawbridge Investments and DBI Lease Buyback Servicing, an affiliate of DBI, had filed a complaint against Mullen Automotive in New York.

The two parties had helped finance Mullen and allege that Mullen has not fulfilled its obligations.

On June 17, 2022, Mullen entered into an agreement with the two parties that would see them receive a note with $28.86 million in outstanding principal and accrued interest.

Both Mullen and the parties agreed that in exchange for “waiving valuable default rights and accepting a $3.5 million discount on the Note prior to assignment,” Mullen would issue the parties an option to purchase $25 million of newly issued convertible Series E preferred stock.

The Series E preferred stock had several strings attached, such as providing three warrants to purchase stock per share.

Drawbridge Files Complaint Against Mullen Automotive

Following the agreement, Mullen should have delivered the Series E preferred stock by July 17, 2022.

On July 22, according to the complaint, Mullen sent the two parties a document that “lacked certain material terms previously agreed to.”

Then, on Aug. 12, the two parties communicated with Mullen the missing terms, which Mullen did not respond to.

While ghosting the parties, Mullen “acted in bad faith” by increasing authorized Series D preferred stock by 5x.

This reduced the max number of possible authorized Series E stock from several hundred million to less than 10.3 million.

On Feb. 14, 2023, Mullen further aggravated the two parties by announcing a resale of up to 2.5 billion shares.

Since there were already 1.7 billion shares outstanding, this meant that the two parties could only register 759.96 million shares for resale in connection to the Series E preferred stock and the associated warrants.

This has caused DBI to become “frustrated in its ability to receive and exercise its option, convert to common stock and to receive and exercise its warrants.”

As a result, it seeks several forms of relief.

Related: SEC Charges Mullen Financier with Insider Trading

What is Drawbridge Purposing Mullen Do?

The first is to receive the Series E preferred stock, which would only be possible if Mullen’s certificate of incorporation is amended to include these shares.

The two parties also seek to restrain Mullen from increasing authorized shares for any class of stock or to have Mullen agree to not issue or increase authorized preferred stock until it can deliver the Series E preferred stock and amend its certificate of incorporation.

If the court does not grant specific performance relief, the two parties seek damages of no less than $100 million.

We’re seeing something very similar happen to AMC Entertainment — a pension fund is suing the company and its board members including the CEO for issuing ape shares and wanting to convert the equity back into common shares of AMC stock.

The movie theatre chain company is also proposing a reverse stock split, similar to how Mullen Automotive might if the company cannot meet Nasdaq’s $1 bid per share by September 5th.

MULN stock just avoided getting delisted after failing to meet the $1 on March 6, 2023.

What is Happening with MULN Stock?

MULN stock is down -39% this year-to-date after analysts predicted the stock to rise more than 7,000% this year.

The company has been going through a rough first quarter as shares have fallen and negative press comes to light.

But Mullen Automotive has also had a lot of great news this year.

Will the company stock go up?

I expect MULN stock to make an effort to reach $1 by September before a reverse stock split being the ultimate resort.

But I’m curious to know what you think.

Leave your thoughts below.

Market News Published Daily

Market News Today - Mullen lawsuit.
Market News Today – Mullen Lawsuit news.

For stock market, business news and updates, join the newsletter to receive weekly market news and notifications straight to your inbox.

Franknez.com is the media site that keeps retail investors informed.

You can also follow Frank Nez on TwitterInstagramFacebook, or LinkedIn for daily posts.


Franknez.com

You can now read exclusive FrankNez articles for only $1/mo.

  • Gain access to EXCLUSIVE FrankNez articles you won’t find here.
  • Become part of a private and safe Discord community, just for retail investors.
  • Get drawn at the end of the year for holiday giveaways.

My New Book is Out Now! Use Code: THENEZ


« Older posts

© 2023 Franknez.com

Theme by Anders NorenUp ↑