Tag: MULN Stock News (Page 1 of 6)

New Mullen $45m Funding Has Been Delayed for June

Market News Daily - New Mullen $45m Funding Has Been Delayed for June.
Market News Daily – New Mullen $45m Funding Has Been Delayed for June.

The new Mullen Automotive (NASDAQ:MULN) $45m funding has been delayed for June 12.

The company filed a Form 8-K disclosing that Mullen’s reception of $45 million in connection with an existing securities purchase agreement (SPA) would be pushed back from May 15 to June 12.

Mullen Automotive had previously agreed to issue Series D preferred stock and warrants to Esousa Holdings and Acuitas Capital, in exchange for $90 million, part of a $110 million deal.

The Series D preferred stock is convertible into common stock.

The warrants are equal to 185% of the Series D preferred stock purchased, originally 110%.

$45 million of that $90 million was received on April 17.

The second payment was scheduled to be received on May 15 but has been delayed for June 12.

Mullen did not provide a reason for the delay, other than that Mullen and each of the buyers in the SPA had agreed to delay the issuance of Series D preferred stock and warrants until Mullen receives the $45 million, per IP.

A note in the company’s last earnings report Mullen detailed it had cash and cash equivalents of $60.3 million as of March 31.

That was up from $54.08 million a year ago.

It also announced it had $26.4 million in restricted cash.

MULN Stock Falls Below $1 Again

Mullen Falls Below $1
Market News Daily – New Mullen $45m Funding Has Been Delayed for June.

Mullen Automotive stock has fallen below Nasdaq’s $1 bid requirement again.

MULN stock began trading at $1.50 after the company announced its 1-for-25 reverse stock split but shares closed at $0.9502 on Monday.

This puts the company at risk for issuing another reverse stock split in order to regain Nasdaq compliance.

The company stock has already hit a 52-week low and investor confidence is up in the air at the moment.

Investors are criticizing CEO David Michery for allowing shares of the company to get this low.

But Mullen Automotive announced in late April the company was looking into investigating the possibility of manipulative trading.

“Mullen Automotive announced today that it is taking certain affirmative steps in light of the extraordinary trading volume and evidence of unusually high levels of failure to deliver on short sales as reported to the U.S. Securities and Exchange Commission. 

These steps include retaining outside counsel, which is working with Shareholder Intelligence Services LLC (“ShareIntel”) to undertake a comprehensive analysis of data derived from broker-dealers, clearing firms and other sources to provide actionable intelligence on potential market manipulation and illegal short selling.

ShareIntel offers unique access and insight into shareholder position movements and the ability to proactively track equity flows and identify suspicious, aberrant and/or unusual trading activity.

As a fiduciary to its shareholders, the Company will do everything in its power to address any evidence of improper trading in Mullen securities.”

MULN Stock Is Now Added to Short Sell Restriction List

Mullen Automotive stock has now been added to the short sell restriction list.

On Friday, MULN stock tripped the SEC’s short sale circuit breaker making the SSR list.

“This rule is designed to restrict short selling from further driving down the price of a stock that has dropped more than 10 percent in one day compared to the closing price on the previous day,” says the SEC.

The rule is only triggered once the shares of a company drops by 10% within a day. The ten percent starts from the previous day’s close.

Short sell restriction remains for the remainder of the day and in many cases, the rule can extend to the next day.

The company has traded above its $1 minimum bid price requirement for 10 consecutive days after enacting a reverse stock split, but shares have now fallen below $1 again.

Investor sentiment continues to be more bullish than bearish, but institutional short sellers have much stronger advantages in the market than retail investors do, hence why MULN stock continues to plunge.

More than 70% of trading in Mullen Automotive stock is now happening in dark pools.

SEC Chairman Gary Gensler has stated in various occasions that this is a real problem in the market; however, no proposal has been enforced to limit the use of dark pool and off exchange trading.

Market News Published Daily

Market News Today - New Mullen $45m Funding Has Been Delayed for June.
Market News Today – New Mullen $45m Funding Has Been Delayed for June.

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Mullen Announces New Details on Government EV Testing

Market News Daily - Mullen Announces New Details on Government EV Testing.
Market News Daily – Mullen Announces New Details on Government EV Testing.

Mullen Automotive (NASDAQ:MULN) has announced 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”).

MAEO has 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 Becomes Exclusive Partner to New Federal Contractor

Mullen became an exclusive partner to a new federal contractor in early May.

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.

Lawrence Hardge Hints at $10 Billion Saudi Arabia Deal

Market News Daily – Mullen Announces New Details on Government EV Testing.

Global EV Technology founder Lawrence Hardge says Mullen Automotive has a $10 billion contract with Saudi Arabia.

“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, though we have seen in the past that Mullen releases official statements months later after rumors begin to trend.

MULN stock fell -1.57% on Monday and is currently down more than -84% this year-to-date.

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Market News Today - Mullen Announces New Details on Government EV Testing.
Market News Today – Mullen Announces New Details on Government EV Testing.

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Mullen’s Cost to Borrow Is Now Reaching New Highs

Market News Daily - Mullen's Cost to Borrow Is Now Reaching New Highs.
Market News Daily – Mullen’s Cost to Borrow Is Now Reaching New Highs.

Mullen Automotive’s (NASDAQ:MULN) cost to borrow is now reaching new highs.

Ortex reports Mulllen’s live cost to borrow at 389.63% with the max cost to borrow having reached 454.59% on Thursday.

The cost to borrow, per Ortex, is the annualized percent of interest on loans, typically borrowed by brokers and hedge funds.

This percentage figure may change on a daily basis and level out through its ‘cost to borrow average’.

MULN Cost to Borrow Ortex Data.

Hedge funds short on MULN stock are paying this massive interest rate just to be able to continue shorting it.

In the meantime, it costs retail investors nothing other than unrealized losses to buy and hold the stock.

When a stock’s cost to borrow is this high, it usually suggests a high conviction from short sellers.

The risk these hedge funds are taking is big considering there is strong conviction within the retail community as well.

Hedge funds risk getting squeezed out of this play having accumulated cost to borrow fees in the process.

MULN stock is currently trading at $1.25 and is down more than -84% this year-to-date.

MULN Short Interest Data

Mullen’s short interest has also begun to rise, signifying more short sellers are targeting the company.

Currently, MULN has a short interest of 16%-17%, updated daily here.

This is enough short interest to squeeze short sellers from their positions and initiate a short squeeze like we’ve seen in the past with AMC Entertainment for example, who only had a 22% short interest before dropping to 14% and shares rising from $9 to its all-time high of $72 per share.

However, there are two big obstacles here.

  1. Massive buying pressure (liquidity) is needed.
  2. Dark pool trading is suppressing retail demand.

Liquidity has been running dry in the stock market despite the S&P500 leveling out this year.

Banks are facing a crisis and the industry has even begun to call for a ban on short selling banking stocks.

But up to 70% of Mullen Automotive shares are being trading away from the lit exchange according to the most recent data.

The company has also stated that they are looking into the possibility of manipulation and illegal short selling of MULN stock.

In March, the company saw as many as 55 million FTDs in one single day.

Failure-to-delivers can occur in options trading or when selling short naked, per Investopedia.

Mullen Automotive announced in late April that it is taking certain affirmative steps in light of the extraordinary trading volume and evidence of unusually high levels of failure to deliver on short sales as reported to the U.S. Securities and Exchange Commission. 

“These steps include retaining outside counsel, which is working with Shareholder Intelligence Services LLC (“ShareIntel”) to undertake a comprehensive analysis of data derived from broker-dealers, clearing firms and other sources to provide actionable intelligence on potential market manipulation and illegal short selling.”

Latest MULN Stock News and Updates

Aside from the latest Mullen cost to borrow updates, the company has had very positive developments this year.

While many shareholder hoped Mullen Automotive would not proceed with its latest 1-for-25 reverse stock split, the company has begun to fulfill new EV orders this year.

Mullen Automotive has received a new $15.7 million purchase order for 250 Class 3 Commercial EV trucks.

The company announced on Thursday the contract is valued at $15,755,000 for a full delivery date by December 2023.

Mullen announced the signing of a vehicle purchase agreement with MGT Lease Company (“MGT”), a national fleet leasing provider, to purchase 250 all-electric commercial class 3 cab chassis EV trucks.

The vehicles are slated for delivery beginning in August 2023, with complete fulfillment of the purchase agreement occurring by December 2023.

The vehicle orders will be fulfilled through Randy Marion Automotive Group, a distributor of Mullen’s commercial EVs.

“We are excited to begin delivering trucks to MGT Leasing this summer as they continue to scale up their business,” said John Schwegman, chief commercial officer Mullen Automotive.

MGT is a growing commercial vehicle sales and leasing company based in North Carolina, with annual revenue of over $70 million in 2022 and $100 million projected for 2023.

For more Mullen Automotive news and updates, join the newsletter below.

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Market News Today - Mullen's Cost to Borrow Is Now Reaching New Highs.
Market News Today – Mullen’s Cost to Borrow Is Now Reaching New Highs | MULN cost to borrow.

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Mullen Receives New $15.7 Million Purchase Order

Market News Daily - Mullen Receives New $15.7 Million Purchase Order.
Market News Daily – Mullen Receives New $15.7 Million Purchase Order.

Mullen Automotive (NASDAQ:MULN) has received a new $15.7 million purchase order for 250 Class 3 Commercial EV trucks.

The company announced on Thursday the contract is valued at $15,755,000 for a full delivery date by December 2023.

Mullen announced the signing of a vehicle purchase agreement with MGT Lease Company (“MGT”), a national fleet leasing provider, to purchase 250 all-electric commercial class 3 cab chassis EV trucks.

The vehicles are slated for delivery beginning in August 2023, with complete fulfillment of the purchase agreement occurring by December 2023.

The vehicle orders will be fulfilled through Randy Marion Automotive Group, a distributor of Mullen’s commercial EVs.

We are excited to begin delivering trucks to MGT Leasing this summer as they continue to scale up their business,” said John Schwegman, chief commercial officer Mullen Automotive.

Mullen Automotive recently announced a $263 million order for both Class 1 and Class 3 EVs as well as new updates on these vehicles.

The company stock just went through a 1-for-25 reverse stock split to meet Nasdaq’s $1 bid requirement.

MULN stock is currently trading at $1.41 with a 2% gain on Thursday.

Who is MGT?

MGT is a growing commercial vehicle sales and leasing company based in North Carolina, with annual revenue of over $70 million in 2022 and $100 million projected for 2023.

MGT’s primary customer base focuses on last mile segments, such as package delivery and retail, and vocations, such as plumbing and electrical.

The company currently provides commercial vehicle sales and leasing across all major OEM brands, with a focus on class 1-4 commercial vehicles. 

MGT will purchase Mullen’s all-electric Class 3 EV cab chassis truck, the Mullen THREE, for its short- and long-term fleet leasing portfolio focused on small, medium, and enterprise businesses.

MGT is a Mullen Automotive repeat customer, initially purchasing EV cargo vans from Mullen in March 2023 and now expanding into the larger class 3 cab chassis EV trucks with an initial order of 250 units, demonstrating the demand for this premium commercial truck.

This new order follows Randy Marion’s initial order for 1,000 units placed in early May 2023.

“We are very happy with the Mullen EV cargo van and have received great customer feedback and are now looking forward to expanding into Mullen’s commercial class 3 truck,” said Greg Striker, partner at MGT Lease Co.

“Momentum continues following last week’s pricing announcement for our Class 3 all-electric cab chassis truck.

“Our agreement with MGT enables them to offer their fleet customers a competitive commercial EV vehicle offering, including both our EV cargo van and now the larger Class 3 EV truck,” said David Michery, CEO and chairman of Mullen Automotive.

Latest Mullen Automotive News

Mullen Automotive 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.”

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Market News Today - Mullen Receives New $15.7 Million Purchase Order.
Market News Today – Mullen Receives New $15.7 Million Purchase Order.

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Mullen Becomes Exclusive Partner to New Federal Contractor

Market News Daily - Mullen Becomes Exclusive Partner to New Federal Contractor.
Market News Daily – Mullen Becomes Exclusive Partner to New Federal Contractor.

Mullen Automotive (NASDAQ:MULN) 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.

Mullen Automotive recently announced big EV updates as well as a $263 million order from Randy Marion Automotive Group.

Global EV Technology founder Lawrence Hardge says Mullen Automotive has a $10 billion contract with Saudi Arabia.

“This is not what somebody said or what you heard, this is reality. $10 billion contract with Saudi Arabia. And more to come …”

Mullen Automotive has not yet officially confirmed the rumor.

Today, MULN stock is up more than +4%.

Official Statements

“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.”

“Mullen Automotive is proud to team up with RRDS for U.S. government fleet opportunities for our Class 1 EV cargo vans,” said Mullen’s CEO and Chairman David Michery.

“We look forward to working closely with RRDS in meeting the demand for EVs across the U.S. government’s fleet of vehicles.”

Related: Mullen Launches New Details on Class 1 and 3 EVs

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Market News Today - Mullen Becomes Exclusive Partner to New Federal Contractor.
Market News Today – Mullen Becomes Exclusive Partner to New Federal Contractor.

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New Data Shows MULN Short Interest Surges to 125%

Market News Daily - New Data Shows MULN Short Interest Surges to 125%.
Market News Daily – New Data Shows MULN Short Interest Surges to 125%.

New data from Ortex shows MULN short interest has risen to 125.54%, a rarity that has only happened 15 other times.

Mullen Automotive (NASDAQ:MULN) went through a 1-for-25 reverse stock split on Thursday; an effort to comply with Nasdaq’s $1 bid requirement.

Shares plunged the day of the announcement but have recovered to trade just above $1.50 on Friday morning.

It’s uncommon for a stock to have a short interest above 100%, which signifies overleveraged short positions in a security.

Before GameStop squeezed in 2021, retail investors on Reddit noticed the stock had a 140% short interest rate.

They piled in to buy the stock causing shares to rise and short sellers to close their positions before facing bigger repercussions.

Analysts at Goldman Sachs later noted that short interest exceeding 100 percent of a company’s public had only occurred 15 times in the prior 10 years, this is the 16.

MULN Short Interest
MULN short interest data.

What does this mean for MULN stock?

Will it squeeze like GameStop?

It certainly has the ability to, however, squeezing short sellers would require big buying pressure, as seen in GameStop and AMC for example.

The second biggest challenge is dark pool abuse.

Data shows 70% of trading in MULN stock has happened in dark pools, which suppresses retail demand in the lit market.

A MULN short squeeze may be on the horizon, but it’s going to take significant buying power to trigger it.

Latest MULN Stock News

Mullen Automotive has had many positive developments this year despite its falling share prices.

The company has announced big EV updates and a new $263 million purchase order for both Class 1 and Class 3 EVs from Randy Marion Automotive Group.

The company also reported that as of April 30, 2023, the cash available for Company operations was $116.1 million.

Production of the Mullen Five is scheduled to begin in the fourth quarter of 2023, per Mullen’s official announcement.

Once the FIVE goes into full-scale production, buyers will be contacted by a Mullen representative with a more definite delivery date, currently estimated to be in the second quarter of 2024.

Mullen Automotive will be building the new vehicle at their Tunica, MS factory and will be delivering vehicles to the closest Mullen Lounge Point for customer pick up.

The company will arrange to ship vehicles directly to customers if ordered online.

In April, Mullen Automotive announced that it would be opening an investigation into the possibility of the manipulation and illegal shorting of MULN stock.

“These steps include retaining outside counsel, which is working with Shareholder Intelligence Services LLC (“ShareIntel”) to undertake a comprehensive analysis of data derived from broker-dealers, clearing firms and other sources to provide actionable intelligence on potential market manipulation and illegal short selling,” the company said.

$10 Billion Saudi Arabia Contract Rumor

Global EV Technology founder Lawrence Hardge says Mullen Automotive has a $10 billion contract with Saudi Arabia.

“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, though we have seen in the past that Mullen will take months before releasing official statements.

If Mullen officially announces a $10 billion contract with Saudi Arabia in the near future, this is going to be huge for the company and investors alike.

MULN’s extremely high short interest shows short sellers are not concerned about these positive developments.

The biggest thing that can happen in Mullen Automotive is a short squeeze to rid the company of opposers.

For more MULN stock news, updates, and information, join the newsletter below.

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Market News Today - New Data Shows MULN Short Interest Surges to 125%.
Market News Today – New Data Shows MULN Short Interest Surges to 125%.

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Mullen Launches New Details on Class 1 and 3 EVs

Market News Daily - Mullen Launches New Details on Class 1 and 3 EVs.
Market News Daily – Mullen Launches New Details on Class 1 and 3 EVs.

Mullen Automotive (NASDAQ:MULN) just launched new details on its Class 1 and Class 3 EVs.

Yesterday, the company announced a new $263 million purchase order from Randy Marion Automotive Group.

The $263 million PO from RMA group is for both Mullen’s Class 1 vans and Class 3 work trucks.

Mullen Automotive said it had received a purchase order of $63 million for 1,000 class 1 EV cargo vans earlier this week, which may be part of the $263 million PO for both EV models.

In a new press release, the company states the Class 1 EV Cargo Van will have a starting MSRP of $34,500 and have a federal tax credit of $7,500.

“The Mullen ONE is anticipated to be the first EV cargo van for sale in the U.S. market in the Class 1 commercial vehicle segment.

This van was designed for last-mile delivery, with best-in-class cargo volume, payload, and turning diameter to easily navigate through narrow urban streets and residential roads.”

The Class 3 EV Truck will have a starting MSRP of $68,500 and also have a federal tax credit of $7,500.

“The Mullen THREE is an efficient Class 3 low cab forward EV truck featuring a tight turning diameter of 38 feet and excellent visibility for superior maneuverability on narrow city streets.

This versatile chassis provides a clean top-of-rail for easy upfitting with bodies up to 14 feet long and over 5,800 pounds of payload.

In addition, the design of the LCF chassis allows more cargo volume within a given overall length.”

Announcements from Mullen Automotive

“As more fleets focus on their sustainability goals addressing climate change, the net price points of our Mullen commercial products make this an easy choice and help accelerate their transition to electric,” said David Michery, CEO and chairman of Mullen Automotive.

“With both vehicles qualifying for the $7,500 federal tax credit, their Class 1 EV Cargo Van acquisition cost will reduce to $27,000, and Class 3 EV Cab Chassis Truck will reduce to $61,000.”

To-date, 19 EV Cargo vans have been delivered with 20 additional deliveries targeted for May 2023.

Mullen Automotive is also anticipating a purchase order for 200 Class 1 EV vans anticipated in May 2023.

Recently, a 1,000-unit purchase order, valued at $63M, for Class 3 EV Cab Chassis Trucks from Randy Marion Automotive Group was announced on May 2, 2023.

Production is planned to begin in August 2023 and final deliveries completed by Q1 2024. All commercial vehicles are produced in Tunica, Mississippi.

Mullen’s class 1 and 3 EVs aren’t the only vehicles investors are excited about.

The Mullen FIVE is expected to begin production later this year.

Mullen Five is Now Available for Reservation

Mullen Automotive is now accepting Mullen Five reservations.

You can now reserve your Mullen Five with a $100 refundable deposit.

“By placing this reservation, you’ve secured your spot in line and will be one of the first to own the all-new Mullen FIVE Electric-SUV Crossover.

When the vehicle is ready for production, you will have an opportunity to place an order before the Mullen FIVE is made available the mass market.”

The Mullen FIVE is available at a starting price of $55,000, final pricing will be confirmed based on vehicle customization and homologation.

Production of the Mullen Five is scheduled to begin in the fourth quarter of 2023, per Mullen’s official announcement.

Once the FIVE goes into full-scale production, buyers will be contacted by a Mullen representative with a more definite delivery date, currently estimated to be in the second quarter of 2024.

Mullen Automotive will be building the new vehicle at their Tunica, MS factory and will be delivering vehicles to the closest Mullen Lounge Point for customer pick up.

The company says it will arrange to ship vehicles directly to customers if ordered online.

For more MULN stock news and updates, join the newsletter below.

Market News Published Daily

Market News Today - Mullen Launches New Details on Class 1 and 3 EVs.
Market News Today – Mullen Launches New Details on Class 1 and 3 EVs.

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Mullen Announces New 1-for-25 Reverse Stock Split

Market News Daily - Mullen Announces New 1-for-25 Reverse Stock Split.
Market News Daily – Mullen Announces New 1-for-25 Reverse Stock Split.

Mullen Automotive (NASDAQ:MULN) announced on Wednesday that it will go through a 1-25 reverse stock split, effective Thursday May 4th.

MULN stock fell more than -21% following the announcement.

At the same time, the company announced big EV updates as well as a new $263 million purchase order from Randy Marion Automotive Group.

But even that wasn’t enough to keep shares from falling on Wednesday.

Mullen’s new 1-for-25 reverse stock split means shareholders will see less shares in the brokerage account at a higher price per share.

For every 25 shares that a shareholder owns, they will be converted to 1 share.

For example, an investor holding 100 shares of MULN stock at $0.06 will now hold 4 shares of MULN stock valued at $1.50 post a reverse stock split.

Shareholders were hoping Mullen Automotive stock would organically meet the Nasdaq requirement with a reverse stock split being the last resort.

The best scenario that can happen moving forward is big companies stepping in to buy Mullen at its dollar price, with the worst case being the stock getting shorted back to pre-split levels.

Announcement from the Company (Mullen Automotive)

“Mullen’s Common Stock will continue to trade on The Nasdaq Capital Market (“Nasdaq”) under the existing symbol “MULN” and will begin trading on a split-adjusted basis when the market opens on May 4, 2023. 

The Reverse Stock Split is primarily intended to bring the Company into compliance with the $1.00 minimum bid price requirement for maintaining its listing on Nasdaq.

There is no guarantee the Company will meet the minimum bid price requirement.

At the Company’s reconvened Special Meeting of Stockholders held on January 19, 2023, the Company’s stockholders approved a proposal to authorize a reverse stock split of the Company’s Common Stock, at a ratio within the range of 1-for-2 to 1-for-25.

The Company’s board of directors approved a 1-for-25 reverse split ratio, and on May 3, 2023, the Company filed a Certificate of Amendment to its Second Amended and Restated Certificate of Incorporation to effect the Reverse Stock Split effective May 4, 2023.

The 1-for-25 reverse stock split will automatically combine and convert 25 current shares of the Company’s Common Stock into one issued and outstanding share of Common Stock.

No fractional shares will be issued in connection with the Reverse Stock Split.

All fractional shares will be rounded up to the nearest whole share.”

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Market News Today - Mullen Announces New 1-for-25 Reverse Stock Split.
Market News Today – Mullen Announces New 1-for-25 Reverse Stock Split.

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Mullen Announces Big EV Updates and New $263 Million Order

Market News Daily - Mullen Announces Big EV Updates and New $263 Million Order.
Market News Daily – Mullen Announces Big EV Updates and New $263 Million Order.

Mullen Automotive (NASDAQ:MULN) has announced big EV updates and a new $263 million purchase order from Randy Marion Automotive Group.

The company has reported that as of April 30, 2023, the cash available for Company operations was $116.1 million.

The $263 million PO from RMA group is for both Mullen’s Class 1 vans and Class 3 work trucks.

Yesterday the company announced it had received a purchase order of $63 million for 1,000 class 1 EV cargo vans, which may be part of the $263 million PO.

But despite these positive developments, Mullen Automotive stock continues to crash.

On Wednesday, volume soared to more than 1 billion with price plunging more than -21%.

Investors are outraged by the performance seen in the market.

In April, Mullen Automotive announced that it would be opening an investigation into the possibility of the manipulation and illegal shorting of MULN stock.

“These steps include retaining outside counsel, which is working with Shareholder Intelligence Services LLC (“ShareIntel”) to undertake a comprehensive analysis of data derived from broker-dealers, clearing firms and other sources to provide actionable intelligence on potential market manipulation and illegal short selling,” the company said.

Latest Mullen Developments

Mullen Automotive released a lengthy press release on Wednesday highlighting big EV updates.

Here are just but a few of these current updates:

Mishawaka, IN Manufacturing Plant

Home to Mullen FIVE and Bollinger B1 and B2.

  • Commercial vehicle equipment transferred to Tunica, MS facility for commercial Class 1 launch
  • Commissioning of e-coat and paint facility for readiness to paint early prototype builds
  • Enterprise data infrastructure, including fiber optics, new servers, and security systems installed to support volume manufacturing

Tunica, MS Assembly Facility

Home to vehicle assembly for Commercial Class Vans and Trucks.

  • Mullen Class 1 and Class 3 commercial vehicles are assembled in Tunica, MS
  • In July 2023, the production line for Class 3 will become operational, with Class 3 trucks rolling off the line with anticipated deliveries and revenue in August and September 2023
  • Addition of trim and chassis assembly lines to accommodate new models
  • New capital expenditures including Automated Guided Vehicles to transport vehicles through plant, installation of robots, water test booth, and end-of-line diagnostics
  • Enterprise data infrastructure, including fiber optics, new servers, and security systems installed to support volume manufacturing
  • Hiring of 35 additional operational team members in support of commercial vehicle production

Mullen Consumer Vehicle Program – Irvine, CA

Mullen FIVE Crossover.

  • Simultaneously developing the Mullen FIVE family of vehicles, which includes two trim levels of the FIVE EV crossover and the high-performance Mullen FIVE RS variant
  • Vehicle styling freeze in Q4 2023 and production design of Mullen FIVE and FIVE RS planned for reveal at CES in January 2024
  • Virtual crash and aerodynamic simulations on track
  • Finalizing key supplier selection and engagement
  • Preparations for August 2023 Strikingly Different EV Tour in the works with expanded vehicles joining the planned upcoming tour, including, but not limited to, the Mullen FIVE and FIVE RS and Mullen Commercial Class 1 and Class 3 vehicles
  • Drivable demonstrator of the new Mullen GT will join the tour in September 2023

Investors, Tread Cautiously

Mullen Automotive stock has been a retail favorite, but new investors should tread cautiously.

The company stock seems to have a target on its back from Wall Street investors, and as we’ve seen with many other companies in the market, institutions have the leverage to create serious damage.

While these are all positive developments indeed for Mullen Automotive, the stock market is portraying a separate story.

But I’m curious to know your thoughts on Mullen’s current share price.

Leave your thoughts down below.

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Market News Today - Mullen Announces Big EV Updates and New $263 Million Order.
Market News Today – Mullen Announces Big EV Updates and New $263 Million Order.

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Global EV Says Mullen Has a $10bn Contract with Saudi Arabia

Market News Daily - Global EV Says Mullen Has a $10bn Contract with Saudi Arabia.
Market News Daily – Global EV Says Mullen Has a $10bn Contract with Saudi Arabia.

Global EV Technology founder Lawrence Hardge says Mullen Automotive (NASDAQ:MULN) has a $10 billion contract with Saudi Arabia.

“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, though we have seen in the past that Mullen will take months before releasing official statements.

One of the most recent being the announcement that Mullen had a contract with the federal government, initially thought to be a rumor, or rather false hopes from skeptics.

Today, Mullen Automotive has commenced working on a $680,000 federal contract through their subsidiary Mullen Advanced Energy Operations (MAEO) and has finally begun taking down reservations for the Mullen Five, scheduled to start production during the fourth quarter of 2023.

If Mullen officially announces a $10 billion contract with Saudi Arabia in the near future, this is going to be huge for the company and investors alike.

Latest MULN Stock News

Mullen Automotive announced on Tuesday it received a 1,000 order of Mullen THREE, a Class 3 low cab forward (“LCF”) EV truck from Randy Marion Automotive Group for a value of $63 million.

The vehicle deliveries are expected to commence sometime in August of this year.

The purchase order is valued at $63 million and is between Randy Marion Isuzu, LLC, a member of the Randy Marion Automotive Group, and Mullen Automotive.

These trucks feature over 5,800 lbs. of payload, which was unveiled at the NTEA Work Truck Show earlier this year.

Mullen Automotive announced yesterday that UNC Charlotte (The University of North Carolina at Charlotte) took delivery of an additional 8 Mullen EV class 1 cargo vans.

This is the second vehicle order for UNC Charlotte, with a total of 15 vehicles to be utilized across the university’s campus.

MULN stock rose more than +8% on Tuesday and is currently trading at $0.081.

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Market News Today - Global EV Says Mullen Has a $10bn Contract with Saudi Arabia.
Market News Today – Global EV Says Mullen Has a $10bn Contract with Saudi Arabia.

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