Tag: Mullen Automotive Stock News (Page 2 of 12)

Mullen Shares A New Update on The Notice of Delisting

Mullen Automotive (NASDAQ:MULN) on Friday shared a new update on the company’s notice of delisting.

On October 3, 2023, the Company received an additional written notice from the Staff indicating that the Staff had concluded that the Company did not hold an annual meeting in the fiscal year ended September 30, 2023, that met the Nasdaq annual meeting standard.

While the Company held an annual meeting on August 3, 2023 and the proposals that were approved at the meeting including the election of directors are, and remain, valid, the Staff determined that such meeting did not satisfy the Annual Meeting Rule since the Company did not afford stockholders the opportunity to discuss Company affairs with management at the meeting as required under Nasdaq Listing Rule IM-5620.

The Company will present its plan to demonstrate compliance with the Annual Meeting Rule at the previously scheduled Bid Price Rule hearing and the Panel will consider this matter in their decision regarding the Company’s continued listing on The Nasdaq Capital Market.

CEO David Michery said in September that the company’s balance sheet is strong in a new update to shareholders.

MULN stock is up more than +12% in the past month but down more than -99% this year-to-date.

“I am very disappointed by the performance of our stock. 

As I have previously publicly stated, I do not believe the trading price of our stock even closely resembles the Company’s actual value.

It is evident that, regardless of meeting significant corporate milestones, stock traders continue to place downward pressure on the stock, causing the price to fall.

previously announced that the Company engaged Share Intel and other parties to investigate what I suspect to be unlawful trading practices in our stock,” the CEO said in August.

Mullen Files A New Lawsuit Against TD Ameritrade and Others

Market News Today - Mullen Shares A New Update on The Notice of Delisting.
Market News Today – Mullen Shares A New Update on The Notice of Delisting.

In August, Mullen Automotive announced that it had filed a new lawsuit against TD Ameritrade and other large stock brokerage firms.

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.

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.

Also Read: SEC’s Director of Enforcement Now Under Investigation for Corruption

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Market News Today - Mullen Shares A New Update on The Notice of Delisting.
Market News Today – Mullen Shares A New Update on The Notice of Delisting.

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Mullen CEO Says Balance Sheet Is Strong in New Update

Mullen Automotive (NASDAQ:MULN) CEO David Michery says the company’s balance sheet is strong in a new update to shareholders.

Shares of the EV company have continued to fall despite Mullen Automotive’s recent developments.

On Wednesday, MULN stock fell nearly -9% with shares now down more than -99% this year-to-date.

“Despite a challenging economic environment where many enterprises are capital-constrained, our balance sheet remains strong, and we have achieved meaningful strides since our last update to shareholders on August 14, 2023.

Recent company highlights include:

Effective Sept. 22, 2023, Mullen received EPA certification for Class 3 EV commercial vehicles, which is a critical milestone to allow shipping to customers.

Mullen previously announced that it had requested a hearing before a Nasdaq Hearings Panel.

The hearing has been granted, and the hearing request stays any suspension or delisting action pending the hearing and the expiration of any additional extension period granted by the Panel following the hearing. 

The Company has engaged the services of Donohoe Advisory Associates LLC to represent its interests in this matter and to articulate its case to the Panel as the Company works toward regaining compliance with the Nasdaq bid price requirement. 

Donohoe Advisory, which is made up of a team of former stock exchange officials, was formed in 2004 by David A Donohoe, Jr., former Chief Counsel for the Listing Qualifications Department of The Nasdaq Stock Market. Donohoe Advisory has represented more than 1,500 companies in stock exchange listing matters since its formation.

Mullen CEO Address Illegal Trading in Company Stock

Market News Today - Mullen CEO Says Balance Sheet Is Strong in New Update.
Market News Today – Mullen CEO Says Balance Sheet Is Strong in New Update.

Mullen Automotive CEO David Michery released the following statement regarding the potential manipulation of the company’s stock:

The Company has taken a firm stance against manipulative trading in its stock.

On Aug. 29, 2023, the Company and Ulysses Novoa (collectively “Plaintiffs”) filed a complaint in the United States District Court Southern District of New York against Defendants TD Ameritrade, Inc., Charles Schwab Co., Inc., National Financial Services, LLC, and John Does 1 through 10 (collectively “Defendants”), alleging that the Defendants engaged in a course of conduct that was intended to artificially affect market activity and manipulate the price of Mullen securities between May 4, 2023, and Aug. 25, 2023, in violation of Section 10(b) of the Securities Exchange Act of 1934 (“Exchange Act”) and Rule 10b-5 promulgated thereunder.

The Plaintiffs served Defendants with the Summons and Complaint on Aug. 31, 2023. On Sept. 13, 2023, Defendants filed a request for an extension of time to respond to the complaint.

The Court granted Defendants’ request. Accordingly, Defendants’ response is due filed on or before Oct. 19, 2023.

Will Mullen Automotive bounce back from its all-time lows?

I’m curious to know what you think — leave your thoughts in the comment section down below.

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Market News Today - Mullen CEO Says Balance Sheet Is Strong in New Update.
Market News Today – Mullen CEO Says Balance Sheet Is Strong in New Update.

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Mullen Partners with NRTC Automation for New Production

Market News Daily - Mullen Partners with NRTC Automation for New Production.
Market News Daily – Mullen Partners with NRTC Automation for New Production.

Mullen Automotive (NASDAQ:MULN) announced on Wednesday that it has partnered with NRTC Automation for Class 3 assembly and production.

The Class 3 EV truck is scheduled to begin production sometime in July of this year at Mullen’s Manufacturing Center in Tunica, Mississippi.

Mullen’s manufacturing group has partnered with NRTC Automation (“NRTC”) out of Birmingham, Alabama, for Class 3 assembly line installation and integration, which includes all robotics and automation systems for vehicle production.

Recent capital expenditures in Tunica include addition of Automated Guided Vehicles to transport vehicles through assembly stations in the plant, installation of robotics, water test booth and end-of-line diagnostics.

NRTC will support Mullen’s Class 3 operation through launch and also provide ongoing support of the production as Mullen ramps up to meet the full market demand from its commercial customers.

The headcount at the Tunica facility has grown steadily in anticipation of vehicle production. Mullen recently announced the hiring of an additional 35 plant staff to support production start of the Class 3 vehicle program.

Market News Daily - Mullen Partners with NRTC Automation for New Production.
Market News Daily – Mullen Partners with NRTC Automation for New Production.

“Finalizing the infrastructure and capital assets to support the operation on time is a critical task,” said John Taylor, SVP of global manufacturing operations for Mullen Automotive. “I have been through many start-ups, and the support that we have received from NRTC to-date has been extraordinary.”

Mike Vagi, president of NRTC Automation, said, “Working with Mullen’s team from the beginning of this project, and to be a key team member responsible to bring the Mullen THREE to market is a role that we take very seriously.”

“It’s gratifying to see our Class 3 vehicle production line coming together in Tunica and even more validating to know we will have vehicles coming off the line and delivered to customers later this summer,” said David Michery, CEO and chairman of Mullen Automotive.

Mullen’s Commercial Manufacturing Center is located in Tunica, Mississippi, and is in close proximity to all major rail lines, interstates, Mississippi river systems, and air logistics, placing it in a primary logistical center of North America.

Other Mullen Automotive News and Updates

Mullen Automotive News and Updates Today.
Mullen Automotive News and Updates Today.

Global EV Technology founder Lawrence Hardge has provided shareholders with a new update on the Mullen Saudi deal.

Hardge said Mullen Automotive has a $10 billion contract with Saudi Arabia early in May via Facebook live.

“This is not what somebody said or what you heard, this is reality.

$10 billion contract with Saudi Arabia.

And more to come … Mullen and Lawrence Hardge are here to assist them, they have countries like Yemen, Israel, all of them have joined in to take this technology, and they’re going to produce it in Saudi Arabia and they’re also paying for a manufacturing plant to come to Michigan.

That’s in black and white.

So, the SEC if you’re watching, that’s already agreed upon.”

Mullen Automotive has not officially confirmed the $10bn contract with Saudi Arabia, but investors are sharing Lawrence’s latest update on the Mullen Saudi deal on social media.

“Time to shut these naysayers down.

Representatives from my team have been in Saudi since last week Friday working on binging the Saudi Deal to fruition.

I represent facts, this is my story behind it.”

Lawrence recently deleted his post which begs the question whether this was leaked or confidential information.

Related: Analyst Predicts a MULN Short Squeeze This Week

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Market News Today - Mullen Partners with NRTC Automation for New Production.
Market News Today – Mullen Partners with NRTC Automation for New Production.

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Lawrence Hardge Provides New Update on Mullen Saudi Deal

Market News Daily - Lawrence Hardge Provides New Update on Mullen Saudi Deal.
Market News Daily – Lawrence Hardge Provides New Update on Mullen Saudi Deal.

Global EV Technology founder Lawrence Hardge has provided shareholders with a new update on the Mullen Saudi deal.

Hardge said Mullen Automotive has a $10 billion contract with Saudi Arabia early in May via Facebook live.

“This is not what somebody said or what you heard, this is reality.

$10 billion contract with Saudi Arabia.

And more to come … Mullen and Lawrence Hardge are here to assist them, they have countries like Yemen, Israel, all of them have joined in to take this technology, and they’re going to produce it in Saudi Arabia and they’re also paying for a manufacturing plant to come to Michigan.

That’s in black and white.

So, the SEC if you’re watching, that’s already agreed upon.”

Mullen Automotive has not officially confirmed the $10bn contract with Saudi Arabia, but investors are sharing Lawrence’s latest update on the Mullen Saudi deal on social media.

“Time to shut these naysayers down.

Representatives from my team have been in Saudi since last week Friday working on binging the Saudi Deal to fruition.

I represent facts, this is my story behind it.”

Market News Daily - Lawrence Hardge Provides New Update on Mullen Saudi Deal.
Market News Daily – Lawrence Hardge Provides New Update on Mullen Saudi Deal.

Some investors claim that as long as Mullen continues to keep this contract silent, it’s only a rumor.

MAEO Names Lawrence Hardge Senior Vice President of Technology

Mullen Advanced Energy Operations (MAEO) recently named Lawrence Hardge to the position of Senior Vice President of Technology.

Lawrence will be overseeing all technological aspects of the Energy Management Module (“EMM”) applications, per the latest press release by Mullen.

“We look forward to completing our installation work here in D.C., and the next steps as vehicles enter the fleet with our EMM and also future opportunities with the local and federal government agencies,” said Lawrence Hardge, CEO of EV Technologies, LLC.

“As testing and installations continue in D.C., we will provide further updates,” said David Michery, CEO and chairman of Mullen Automotive.

Testing and installation is planned for completion on a total of 40 vehicles over the next few weeks.

Mullen Automotive announced on Monday new details about the government EV testing project initiated back in April of this year.

The $680,000 contract was previously awarded by the District of Columbia, Washington, D.C., to EV Technologies, LLC. for the purchase and installation of EMM units on Chevrolet Bolts within the D.C. city government’s vehicle fleet. 

Mullen Advanced Energy Operations (“MAEO”) is supporting EV Technologies for the execution of the contract, which started on April 24, 2023.

MAEO, which is a 51%-owned subsidiary of Mullen Automotive, is a collaboration with Global EV Technology, Inc. (“Global”).

Other Mullen Automotive News

Latest MULN Stock news
Latest MULN stock news.

Last week Mullen Automotive announced that it has become an exclusive partner to a new federal contractor.

The company announced today teaming up with Rapid Response Defense Systems (“RRDS”) to fast-track U.S. Federal Government opportunities for potential large-scale vehicle fleet orders.

RRDS, one of the country’s leading small business federal contractors, has executed over 2,500 federal government delivery orders since 2014.

The company currently holds a prime seat on 12 Indefinite Delivery/Indefinite Quantity (IDIQ) federal contracts with combined funding ceilings of $4 billion.

In 2021, U.S. Secretary of Labor Martin J. Walsh recognized RRDS as a recipient of the 2021 HIRE Vets Medallion Award during an award ceremony at the U.S. Department of Labor.

“RRDS is all about providing solutions to the federal government,” said Mullen’s Manager of Government Sales Ronald Dixon.

“Whether its designing products to meet Department of Defense mission requirements or enhancing supply chain logistics, they have a remarkable success record.

In addition, RRDS will be a key vehicle supplier to the General Service Administration in an awarded 5-year multibillion-dollar vehicle contract.

We are focused on selling our EV products to the federal government and view this relationship as a strategic step in accomplishing that goal.”

“With the federal government’s strong interest in electrifying a growing portion of its vehicle fleet, Mullen’s commercial portfolio is very well positioned,” said RRDS SVP – Federal Fred Bouman.

“Mullen’s Class 1 EV cargo van launches this year and will be the only class 1 EV van in the market. It is 100% electrified, making it a strong fit for federal government business.”

Market News Published Daily

Market News Today - Lawrence Hardge Provides New Update on Mullen Saudi Deal.
Market News Today – Lawrence Hardge Provides New Update on Mullen Saudi Deal.

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