Tag: Mullen Automotive (Page 1 of 14)

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 Automotive Now Gets Its Vehicles ‘EPA’ Certified

Mullen Automotive (NASDAQ:MULN) announced on Monday that its Class 3 EVs have now been ‘EPA’ certified.

The company stated that the EPA certification is a critical milestone to allow shipping vehicles to customers.

“In addition, the Mullen Class 3 EV Cab Chassis Truck has completed all required testing requirements for Federal Motor Vehicle Safety Standards (“FMVSS”) and compliance.

With EPA certification in-hand and FMVSS compliance, Mullen can now begin shipments of Class 3 EVs for customer deliveries,” the company stated.

Shares of the company are down nearly -4% on Monday.

Mullen previously announced on May 2, 2023, a Class 3 vehicle order with Randy Marion Automotive (“RMA”) for 1,000 all-electric cab chassis trucks valued at $63 million.

On May 11, 2023, it was announced that MGT Lease Company (“MGT”), a national fleet leasing provider, will purchase 250 Class 3 EV cab chassis trucks under a contract valued at $15.7 million.

On Aug. 28, 2023, Mullen also received an order for Class 3 EV trucks from NRTC Automation Group.

“I am extremely proud of this important milestone and, now with EPA certification and FMVSS in-hand, we are planning to begin Class 3 deliveries this week.

Mullen is fully committed to our vision and plan and is focusing in now on deliveries to our customers,” said Mullen CEO and Chairman David Michery.

Also Read: Mullen Launches New Tech For Its Vehicles

Mullen Just Sold A New Batch of Its EVs to NYPA

Market News Today - Mullen Automotive Now Gets Its Vehicles 'EPA' Certified.
Market News Today – Mullen Automotive Now Gets Its Vehicles ‘EPA’ Certified.

Mullen Automotive also just sold a new batch of its EVs to the NYPA after a successful 60-day pilot program.

Shares of the startup EV company rose more than +4% on Thursday following the announcement.

“Today the New York Power Authority (“NYPA” or the “Power Authority”) has purchased Mullen’s Campus Delivery Cargo Vans after successful completion of an EV pilot program at NYPA’s 16-turbine hydroelectric facility in northern New York.

The 60-day EV cargo van pilot began on July  6, 2023, and concluded in early September 2023. 

As a result, NYPA will purchase the initial pilot vehicles for fleet operations at its St. Lawrence-Franklin D. Roosevelt Power Project, NYPA’s first active power plant, which opened in 1958.

The Power Authority is assessing additional NYPA locations for Mullen’s full lineup of commercial EVs, including Class 1 EV cargo vans and Class 3 EV cab chassis trucks,” stated the company in its press release.

“It’s great to see our EVs enter the Northeast market with the New York Power Authority, our nation’s largest public utility, using our delivery utility model for campus transportation.

Our EV cargo van is a perfect fit for large, closed workplace campus scenarios,” said David Michery, CEO and chairman of Mullen Automotive.

The New York Power Authority is the largest state public power organization in the U.S., operating 16 generating facilities and more than 1,400 circuit miles of transmission lines.

NYPA is at the forefront of producing and bringing clean, reliable energy to the state of New York. 

NYPA’s vision is to create a thriving, resilient New York State powered by clean energy and is leading the transition to a carbon-free, economically vibrant New York through customer partnerships, innovative energy solutions, and the responsible supply of affordable clean and reliable electricity.

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Market News Today - Mullen Automotive Now Gets Its Vehicles 'EPA' Certified.
Market News Today – Mullen Automotive Now Gets Its Vehicles ‘EPA’ Certified.

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Mullen Just Sold A New Batch of Its EVs to NYPA

Mullen Automotive (NASDAQ:MULN) just sold a new batch of its EVs to the NYPA after a successful 60-day pilot program.

Shares of the startup EV company rose more than +4% on Thursday following the announcement.

“Today the New York Power Authority (“NYPA” or the “Power Authority”) has purchased Mullen’s Campus Delivery Cargo Vans after successful completion of an EV pilot program at NYPA’s 16-turbine hydroelectric facility in northern New York.

The 60-day EV cargo van pilot began on July  6, 2023, and concluded in early September 2023. 

As a result, NYPA will purchase the initial pilot vehicles for fleet operations at its St. Lawrence-Franklin D. Roosevelt Power Project, NYPA’s first active power plant, which opened in 1958.

The Power Authority is assessing additional NYPA locations for Mullen’s full lineup of commercial EVs, including Class 1 EV cargo vans and Class 3 EV cab chassis trucks,” stated the company in its press release.

“It’s great to see our EVs enter the Northeast market with the New York Power Authority, our nation’s largest public utility, using our delivery utility model for campus transportation.

Our EV cargo van is a perfect fit for large, closed workplace campus scenarios,” said David Michery, CEO and chairman of Mullen Automotive.

The New York Power Authority is the largest state public power organization in the U.S., operating 16 generating facilities and more than 1,400 circuit miles of transmission lines.

NYPA is at the forefront of producing and bringing clean, reliable energy to the state of New York. 

NYPA’s vision is to create a thriving, resilient New York State powered by clean energy and is leading the transition to a carbon-free, economically vibrant New York through customer partnerships, innovative energy solutions, and the responsible supply of affordable clean and reliable electricity.

Other Mullen Automotive News Today

Market News Today - Mullen Just Sold A New Batch of Its EVs to NYPA.
Market News Today – Mullen Just Sold A New Batch of Its EVs to NYPA.

Mullen Automotive announced on Monday the launch of new AI tech for its vehicles.

Shares of the company fell more than -11% despite the positive development.

Today the company announces the launch of Commercial Pulse, an advanced telematics solution for customers providing a complete solution for vehicle diagnostics and fleet optimization.

“Mullen’s Commercial Pulse is an advanced telematics AI system providing drivers and fleet companies a connected fleet of vehicles with maintenance alerts, real-time vehicle location, driver safety, battery state of charge, metrics, and more.

The end-user dashboard features asset and trip management, electric vehicle and driver performance, geofencing, and reporting.

Commercial Pulse is available via two mobile applications – Mullen Commercial Pulse Fleet and Mullen Commercial Pulse Driver – on both iOS and Android platforms.

Mullen Commercial Pulse Fleet provides insights and access, including a variety of management functions like vehicle health, maintenance, battery, and safety/security alerts.

Mullen Automotive News Today.
Mullen Automotive News Today.

Mullen Commercial Pulse Driver improves driver practice and time management with features like routing assistance, real-time vehicle location, charging station locator, and roadside assistance,” the company said.

“We are excited to introduce Commercial Pulse, a fleet telematics software maximizing uptime and providing the tools and data needed to manage vehicle operations,” said John Schwegman, Mullen’s Chief Commercial Officer. “As we have seen in our early customer pilots and engineering fleet, and by continuously monitoring vehicle performance, our system  can detect potential maintenance issues before breakdowns, empowering businesses to streamline operations and enhance efficiencies.”

“In an era where data is all around us, Commercial Pulse provides fleet managers with an easy-to-understand dashboard with information needed to optimize fleets and driver operations,” said David Michery, Mullen’s CEO.

“It’s an exciting time when we can showcase the fleet efficiencies, emissions savings, and energy reduction on our commercial portfolio.”

Market News Published Daily 📰

Market News Today - Mullen Just Sold A New Batch of Its EVs to NYPA.
Market News Today – Mullen Just Sold A New Batch of Its EVs to NYPA.

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Mullen CEO Teases At A Big Week in New Message

Market News Today - Mullen CEO Teases At A Big Week in New Message.
Market News Today – Mullen CEO Teases At A Big Week in New Message.

Mullen Automotive (NASDAQ:MULN) CEO has teased at a big week in a new message seen on Twitter.

The Company recently announced it has received approval from the IRS, receiving its “qualified manufacturer” designation enabling qualification for commercial EV federal tax credits of up to $7,500 per qualified vehicle with gross vehicle weight ratings (GVWRs) of under 14,000 pounds.

“The company is pleased to announce that both the Mullen ONE, a Class 1 EV Cargo Van, and the Mullen THREE, a Class 3 EV Cab Chassis Truck, are now approved for EV federal tax credits of up to $7,500 per qualified vehicle.

Additionally, according to the relevant IRS regulation, vehicles with gross vehicle weight ratings (GVWR) of over 14,000 pounds can qualify for $40,000 federal EV tax credits.

Mullen received this designation on Sept. 14, 2023, as a “Qualified Manufacturer” as defined in § 30D(d)(3) of the Internal Revenue Code.”

“Total cost of ownership is critically important to commercial customers. Tax credits such as these, along with lower fuel and maintenance costs, show a clear advantage for Mullen’s commercial offerings compared to traditional internal combustion vehicles,” said John Schwegman, chief commercial officer of Mullen Automotive.

“This is part of fulfilling our commitment to customers. This presents a great opportunity to purchase a commercial vehicle while optimizing all available federal incentives,” said David Michery, CEO and chairman of Mullen Automotive.

“Next week is, is the week. Good stuff,” said the CEO in a message according to screenshots shared on Twitter.

Market News Today – Mullen CEO Teases At A Big Week in New Message.

MULN stock fell -2.3% on Tuesday’s development announcement. Mullen Automotive is currently down more than -99%.

Will Mullen Automotive surprise everyone? I’d love to hear your thoughts on this.

Leave a comment down below.

Also Read: Mullen Launches New Tech For Its Vehicles

Market News Published Daily 📰

Market News Today - Mullen CEO Teases At A Big Week in New Message.
Market News Today – Mullen CEO Teases At A Big Week in New Message.

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Also, thank you to all of our blog sponsors. This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.

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  • Gain access to EXCLUSIVE FrankNez articles you won’t find here.
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