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
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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