Tag: MULN Stock News (Page 2 of 18)

Mullen Appoints A New Chief Strategy Officer to Strengthen Company

Mullen Automotive (NASDAQ:MULN) has appointed a new Chief Strategy Officer to strengthen the company.

The company announced on Monday that Marianne McInerney will focus on growth opportunities and drive strategic initiatives for Mullen’s commercial, consumer vehicles and governmental affairs.

“McInerney has been immersed in the automotive and transportation industry for almost two decades during which she has advised multiple OEMs, governmental entities and tier one suppliers.

Prior to Mullen, McInerney held key roles at next-generation vehicle OEMs, the U.S. Department of Transportation, and the American International Automobile Dealers Association.

McInerney served as Assistant Secretary and Director of Public Affairs for the U.S. Department of Transportation under Secretary Elaine L. Chao.

In her role with Mullen, Marianne will focus on sales, marketing and growth opportunities with Mullen’s commercial and passenger vehicle programs, and overall strategic business opportunities for the company.

She will also oversee all state and federal governmental affairs for the company,” the company stated.

“Mullen is a strategically driven organization and its product line of advanced EVs for both commercial and consumer audiences are unrivaled,” said McInerney, Chief Strategy Officer of Mullen Automotive.

“When I combine Mullen’s product innovation and strategy with their U.S. assembly and manufacturing facilities and well-curated team, Mullen has a competitive EV story and I am excited to put my experience and relationships with fleets and dealers to drive value across the organization.”

“Marianne is a key addition to our team and her leadership and experience will set a growth strategy to expand and drive strong top and bottom-line impacts for Mullen at the commercial, consumer and governmental levels.

She brings a vast level of domestic and international OEM experience and will deliver innovative strategies to strengthen our market share globally,” said David Michery, CEO and chairman of Mullen Automotive.

Other Mullen News Today

Market News Today - Mullen Appoints A New Chief Strategy Officer to Strengthen Company.
Market News Today – Mullen Appoints A New Chief Strategy Officer to Strengthen Company.

Mullen Automotive 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 +2% 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.

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Market News Today - Mullen Appoints A New Chief Strategy Officer to Strengthen Company.
Market News Today – Mullen Appoints A New Chief Strategy Officer to Strengthen Company.

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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 Clears The Air on Lawrence Hardge in New Filing

Mullen Automotive (NASDAQ:MULN) has now cleared the air on Lawrence Hardge and a potential partnership according to the company’s latest 8-K filing.

Lawrence Hardge announced on X, formerly known as Twitter, that he is now reconnecting with Mullen Automotive after the company terminated the partnership in July.

On July 10, 2023, Mullen Automotive Inc. issued a termination notice to Lawrence Hardge and the following entities Global EV Technology, Inc. and EV Technology, LLC terminating the Agreement dated April 17, 2023  between the Company and EVT,” the company said in a statement.

However, Mullen Automotive released a filing disclosing and addressing Lawrence Hardge and the potential of any future endeavors.

“As previously reported on a Current Report on Form 8-K filed with the Securities and Exchange Commission on July 11, 2023, Mullen Automotive Inc. terminated its agreement with Lawrence Hardge, and Global EV Technology, Inc. and EV Technology, LLC regarding the development and licensing of certain technology to extend effective battery life.

This agreement remains terminated and has not been reinstated.

The Company confirms that it does not have any existing, nor does it intend to in the future enter into any, agreement or arrangement with Hardge or EVT.

As a one-time accommodation, the Company has agreed to allow Hardge to test his units on two of the Company’s vehicles that are currently at an EPA certified test facility for the sole purpose of verifying the technology.

No affirmative testing dates have been scheduled.

This accommodation has not established, nor is it intended to establish, any relationship with Hardge or EVT,” the company stated.

Mullen Automotive stock rose more than +4% on Wednesday — shares are still down more than -99% year-to-date.

Also Read: Mullen Announces It Has Now Delivered Its First Vehicles

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Market News Today - Mullen Automotive Clears The Air on Lawrence Hardge in New Filing.
Market News Today – Mullen Automotive Clears The Air on Lawrence Hardge in New Filing.

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Hardge Says He Is Now Reconnecting With Mullen

Lawrence Hardge says he is now reconnecting with Mullen Automotive (NASDAQ:MULN) after the company terminated the partnership in July.

On July 10, 2023, Mullen Automotive Inc. issued a termination notice to Lawrence Hardge and the following entities Global EV Technology, Inc. and EV Technology, LLC terminating the Agreement dated April 17, 2023  between the Company and EVT,” the company said in a statement.

In May, MAEO named Lawrence Hardge to the position of Senior Vice President of Technology.

MAEO, which is split-owned by both Mullen Automotive and Global EV will no longer be doing business together, the company stated at the time.

Lawrence Hardge gained much attention after starting rumors of a $10 billion contract deal with Saudi Arabia.

I’ve never reviewed any Saudi deals nor am I familiar with the deals, and to be clear if anyone were interested they could defer to the agreements that we executed that act as the definitive agreements until superseded by subsequent operating agreements and they are not cancelable unless we mutually agree to terminate the relationship which we’ve not done,” said Mullen CEO David Michery.

Now Hardge says he is reconnecting with Mullen Automotive with a few sources close to David Michery confirming the statements.

“Very soon, some of you gonna regret the manner in which y’all attacked Mullen…

I’m gonna do more EPA tests. My technology is now going into worldwide production. Mullen and I gonna reconnect where we left off.

Time to turn things around for the people who stuck with Mullen,” said Hardge on X, formerly known as Twitter.

MULN stock is currently down more than -99% this year-to-date despite several positive developments.

Also Read: Mullen CEO Clears the Air on New Saudi Deal

Mullen Announces It Has Now Delivered Its First Vehicles

Mullen Announces It Has Now Delivered Its First Vehicles
Market News Today – Hardge Says He Is Now Reconnecting With Mullen.

In late September, Mullen Automotive announced that it has now delivered its first vehicles to Randy Marion Automotive, part of its $63 million purchase order.

The company said in a press release on Thursday that it delivered the first ten Class 3 EV Cab Chassis Trucks, invoiced at $630,000, to RMA Group.

The order was originally placed in May 2023 with the company planning to deliver an additional 150 units by year’s end.

1,000 of the remaining vehicles are anticipated to be delivered throughout 2024.

“This first delivery marks a watershed moment in the Company’s history with the Mullen THREE, Class 3 EV Truck being the first vehicle produced, assembled and now delivered by the Company.

Mullen THREE production is based out of Tunica, Mississippi, which is home to Mullen’s commercial vehicle assembly for both Class 1 EV Cargo Vans and Class 3 EV Cab Chassis Trucks,” said the company.

Recently, the Company achieved key milestones, furthering Mullen’s Class 3 program to market, including  commencing of vehicle deliveries. These milestones include:

  • Received federal EPA certification on Sept. 22, 2023, approving Mullen’s Class 3 vehicles
  • Received IRS approval as “qualified manufacturer” on Sept. 14, 2023, enabling and qualifying for up to $7,500 in federal EV tax credits on both the Mullen Class 3 EV Cab Chassis Truck and Class 1 EV Cargo Van

“This is a significant point in our evolution as we shift the Company from engineering development and engineering approvals to production and vehicle deliveries for our customers.

As the Class 3 line is fully operational, production will be increasing month-to-month throughout the next year,” said David Michery, CEO and chairman of Mullen Automotive.

Mullen Automotive says it plans to add a second shift for Class 3 production, which will increase capacity to 6,000 total vehicles per year.

Also Read: Mullen CEO Says Balance Sheet Is Strong in New Update

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Market News Today – Hardge Says He Is Now Reconnecting With Mullen.

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Mullen Announces It Has Now Delivered Its First Vehicles

Mullen Automotive (NASDAQ:MULN) announced that it has now delivered its first vehicles to Randy Marion Automotive, part of its $63 million purchase order.

The company said in a press release on Thursday that it delivered the first ten Class 3 EV Cab Chassis Trucks, invoiced at $630,000, to RMA Group.

The order was originally placed in May 2023 with the company planning to deliver an additional 150 units by year’s end.

1,000 of the remaining vehicles are anticipated to be delivered throughout 2024.

“This first delivery marks a watershed moment in the Company’s history with the Mullen THREE, Class 3 EV Truck being the first vehicle produced, assembled and now delivered by the Company.

Mullen THREE production is based out of Tunica, Mississippi, which is home to Mullen’s commercial vehicle assembly for both Class 1 EV Cargo Vans and Class 3 EV Cab Chassis Trucks,” said the company.

Recently, the Company achieved key milestones, furthering Mullen’s Class 3 program to market, including  commencing of vehicle deliveries. These milestones include:

  • Received federal EPA certification on Sept. 22, 2023, approving Mullen’s Class 3 vehicles
  • Received IRS approval as “qualified manufacturer” on Sept. 14, 2023, enabling and qualifying for up to $7,500 in federal EV tax credits on both the Mullen Class 3 EV Cab Chassis Truck and Class 1 EV Cargo Van

“This is a significant point in our evolution as we shift the Company from engineering development and engineering approvals to production and vehicle deliveries for our customers.

As the Class 3 line is fully operational, production will be increasing month-to-month throughout the next year,” said David Michery, CEO and chairman of Mullen Automotive.

Mullen Automotive says it plans to add a second shift for Class 3 production, which will increase capacity to 6,000 total vehicles per year.

Mullen CEO Says Balance Sheet Is Strong in New Update

Market News Today - Mullen Announces It Has Now Delivered Its First Vehicles.
Market News Today – Mullen Announces It Has Now Delivered Its First Vehicles.

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 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.

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Market News Today - Mullen Announces It Has Now Delivered Its First Vehicles.
Market News Today – Mullen Announces It Has Now Delivered Its First Vehicles.

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