Tag: MULN Stock Reddit (Page 1 of 5)

Mullen Now Working on $680,000 Federal Contract Agreement

Mullen Federal Contract Agreement
Market News Daily – Mullen Now Working on $680,000 Federal Contract Agreement.

Mullen Automotive (NASDAQ:MULN) is now working on its $680,000 federal contract agreement with the District of Columbia (DC).

The company’s subsidiary, Mullen Advanced Energy Operations (“MAEO”), will today begin execution of a $680,000 contract that was previously awarded by the District of Columbia, Washington, D.C., to EV Technologies, LLC.

The contract is for the purchase and installation of Energy Management Module units on Chevrolet Bolts within the D.C. city government’s vehicle fleet.

Mullen and EV Technologies’ team of engineers are onsite in DC today to commence installing the EMM units onto the Chevrolet Bolts and to perform the required tests included in the pilot.

Previous testing indicates that Energy Management Module (“EMM”) technology substantially increases the driving range and efficiency of any current EV battery.

In March 2021, Element Materials Technology conducted specific vehicle testing on 2020 Chevy Bolts installed with EMM units with test results being a calculated increase in range from 269 to 431 miles, which is a 60% increase in efficiency.

“We have tested EMM technology in various vehicle applications and have repeatedly seen significant improvements in range.

I am extremely pleased to partner with Mullen for the commercialization and global availability of the EMM technology,” said Lawrence Hardge, CEO of Global EVT.

Positive MULN Stock News

Mullen Automotive has had many positive news this year, with some of the latest including Class 1 EV cargo vans now being listed for sale on the Randy Marion Automotive Group website.

In March, St. Joseph County announced Mullen Automotive will be the exclusive provider for a new class of electric cargo vans for the federal government.

The company is also set to produce three types of electric vehicles at the former AM General site in St. Joseph County.

“I am very proud that the first major field application is with the DC city government, where we will demonstrate the benefits of our EMM technology.

We have been working on this bid to secure the business for some time and it is a great achievement to win this opportunity.

I would like to thank the many D.C. government officials who made this a reality,” said Lawrence Hardge, CEO of EV Technology and chief scientific officer of MAEO.

“The DC city project is the first of many that we have planned for the new EMM technology,” said David Michery, CEO and chairman of Mullen Automotive, Inc.

“Municipal city fleets are a perfect use case for EVs and even better with our Energy Management Modules added for extending vehicle range and performance.

Ideally, the vehicles can spend less time charging and more time in the local communities for civic use and support.”

Related: Mullen Receives Big $110M Funding for This Year

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Market News Today - Mullen Now Working on $680,000 Federal Contract Agreement.
Market News Today – Mullen Now Working on $680,000 Federal Contract Agreement.

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MULN Stock Tumbles on New Energy Advancement

Mullen stock news today
Market News Daily – MULN Stock Tumbles on New Energy Advancement.

Mullen Automotive (NASDAQ:MULN) stock has tumbled below $0.10 on its latest energy advancement news.

The stock is down more than -73% this year-to-date despite analysts predicting MULN stock to soar more than +7,000% in 2023.

Mullen announced today test results of its recently acquired joint venture technology, greatly improving current EV performance by increasing EV vehicle range.

Here are some key points from the company’s official press release:

  • Element Materials Technology test results indicate that the Energy Management Module (“EMM”) technology substantially increases the driving range and efficiency of any current EV battery.
  • Specific vehicle testing of a high-volume OEM electric vehicle by Element resulted in a calculated increase in range from 269 to 431 miles, which is a 60% increase in efficiency.
  • EMM technology was also tested by Mullen Automotive engineers on the Company’s Class 1 EV Cargo Van at its Troy, Michigan, facility. Results showed more than a 75% increase in range for the 42-kWh lithium-ion battery pack, which would be a calculated EPA estimated range of 186 miles at a very low added cost and mass.
  • EMM technology is being integrated into final stages of product development and is planned to be introduced in all Mullen commercial and consumer vehicle programs.
  • U.S. provisional patent application has been filed covering the technology.
  • Mullen Automotive owns 51% of MAEO, LLC and will consolidate the results of its operations in Mullen Automotive, Inc.

“We have tested EMM technology in various vehicle applications and have repeatedly seen significant improvements in range.

I am extremely pleased to partner with Mullen for the commercialization and global availability of the EMM technology,” said Lawrence Hardge, CEO of Global EVT.

“Seeing the previous EMM test results conducted by Element, along with Global EVT testing, and correlating that with testing by our engineers, we believe this technology is a perfect fit for Mullen’s EV product lineup as well as the advancement in EV technology for the overall automotive industry,” said David Michery, CEO and chairman of Mullen Automotive.

“Mullen Advanced Energy Operations plans on licensing this technology to anyone who uses an electric vehicle.”

Latest MULN Stock News

muln stock news today
Market News Daily – MULN Stock Tumbles on New Energy Advancement.

Aside from its new energy advancement, Randy Marion Automotive is now listing Mullen vehicles for sale on their new website.

Several Class 1 EV cargo vans were spotted at a Randy Marion Automotive Group dealership in March which confirmed a fleet of Mullen vehicles were now on the ground.

Soon after, Randy Marion Automotive Group (RMA) and Mullen Automotive announced they had delivered Class 1 EV cargo vans to MGT Lease Company in an official statement.

Amongst Mullen EVs, Randy Marion Automotive Group also sells Buick, Cadillac, Chevrolet, Chrysler, Dodge, Ford, GMC, Honda, Isuzu, Kia, Lincoln, Jeep, Ram and Subaru.

The company is also set to receive $110 million in funding this year.

Mullen Automotive expects to operate business over the next 12 months upon the receipts of this funding.

Mullen has agreed to issue Series D preferred stock and warrants to Esousa HoldingsAcuitas CapitalDavis-Rice Pty Limited and Ault Lending.

The warrants will “equal 110% of the shares of Series D Preferred Stock purchased,” while the Series D preferred stock can be converted into common stock.

In exchange, Mullen will receive the remaining commitment amount of $90 million, which will be paid out in two equal tranches on April 17 and May 15. 

The company’s Form 8-K also revealed that Mullen has entered into three promissory notes worth $20 million on April 3.

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Market News Today – MULN Stock Tumbles on New Energy Advancement.

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Randy Marion Automotive Now Listing Mullen Vehicles

Market News Daily - Randy Marion Automotive Now Listing Mullen Vehicles.
Market News Daily – Randy Marion Automotive Now Listing Mullen Vehicles.

Randy Marion Automotive is now listing Mullen (NASDAQ:MULN) vehicles on their new website.

In March, Mullen confirmed the delivery of its $200 million purchase order, which includes 6,000 EVs, would begin taking place by the end of March.

Several Class 1 EV cargo vans were spotted at a Randy Marion Automotive Group dealership during this time which confirmed a fleet of Mullen vehicles were now on the ground.

Soon after, Randy Marion Automotive Group (RMA) and Mullen Automotive announced they had delivered Class 1 EV cargo vans to MGT Lease Company in an official statement.

MGT Lease Company is based in High Point, North Carolina.

The vehicle order was fulfilled through Randy Marion Automotive, a distributor of Mullen’s commercial EVs.

The initial order is for four vehicles, with subsequent future deliveries expected.

Randy Marion Automotive Group is one of the largest car dealerships in the Carolinas and is now listing Mullen EVs on its website.

Amongst Mullen EVs, Randy Marion Automotive Group also sells Buick, Cadillac, Chevrolet, Chrysler, Dodge, Ford, GMC, Honda, Isuzu, Kia, Lincoln, Jeep, Ram and Subaru.

Video Link <–

Recent MULN Stock News

Mullen Automotive is set to receive $110 million in funding this year.

The company expects to operate business over the next 12 months upon the receipts of this funding.

Mullen has agreed to issue Series D preferred stock and warrants to Esousa HoldingsAcuitas CapitalDavis-Rice Pty Limited and Ault Lending.

The warrants will “equal 110% of the shares of Series D Preferred Stock purchased,” while the Series D preferred stock can be converted into common stock.

In exchange, Mullen will receive the remaining commitment amount of $90 million, which will be paid out in two equal tranches on April 17 and May 15. 

The company’s Form 8-K also revealed that Mullen has entered into three promissory notes worth $20 million on April 3.

The notes have an annual interest rate of 15% and will increase to 20% if the interest is not paid on time.

When the company announced it would be delivering EVs to Randy Marion Automotive, it also disclosed that it had cash, restricted cash and cash equivalents of $87.4 million as of Feb. 28.

With the cash balance and expected funding, Mullen believes that it will be able to operate its business plan over the next 12 months.

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Market News Today - Randy Marion Automotive Now Listing Mullen Vehicles.
Market News Today – Randy Marion Automotive Now Listing Mullen Vehicles.

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Mullen Receives Big $110M Funding for This Year

Market News Daily - Mullen Receives Big $110M Funding for This Year.
Market News Daily – Mullen Receives Big $110M Funding for This Year.

Mullen Automotive (NASDAQ:MULN) is set to receive $110 million in funding this year.

The company expects to operate business over the next 12 months upon the receipts of this funding.

MULN stock rose more than 5% on Monday.

The bullish news has investors excited to see shares rise again from this year’s low.

Mullen has agreed to issue Series D preferred stock and warrants to Esousa HoldingsAcuitas CapitalDavis-Rice Pty Limited and Ault Lending.

The warrants will “equal 110% of the shares of Series D Preferred Stock purchased,” while the Series D preferred stock can be converted into common stock.

In exchange, Mullen will receive the remaining commitment amount of $90 million, which will be paid out in two equal tranches on April 17 and May 15. 

Mullen Automotive has also agreed to not enact a reverse stock split during the five days prior to each date.

Mullen to Receive an Additional $20 Million

The company’s Form 8-K also revealed that Mullen has entered into three promissory notes worth $20 million on April 3.

The notes have an annual interest rate of 15% and will increase to 20% if the interest is not paid on time.

In addition, the notes “enumerate events of default, which include, but are not limited to, failure to pay principal and interest, breach of a covenant included in the Securities Purchase Agreement, bankruptcy and delisting of the Company’s common stock.”

In March, the company noted that it expected to receive $110 million in funding by June 1.

When the company announced it would be delivering EVs to Randy Marion Automotive, it also disclosed that it had cash, restricted cash and cash equivalents of $87.4 million as of Feb. 28.

With the cash balance and expected funding, Mullen believes that it will be able to operate its business plan over the next 12 months.

Positive MULN Stock News

Mullen Automotive is testing new battery technology by Q4 of 2023.

“Solid-state battery technology will offer customers the longest range commercial EVs available today.

Mullen will begin testing solid-state polymer battery technology in test vehicles on US roads in Q4 2023,” the company said in an official press release.

Class 1 commercial EV cargo vans are going to be outfitted with Mullen’s solid-state polymer battery technology, increasing current range from 110 miles to more than 200 miles on a single charge.

We can expect to see other changes, or modifications requested at the end of the Menzies Aviation 60-day pilot program by Q4 2023 as well.

Some of which include increased seating capacity and additional windows for enhanced driver visibility.

Upon completion of these enhancements and finalization of contract terms, it is anticipated that these updated vehicles will be used by Menzies to expand its fleet globally.

Currently, the Mullen Class 1 EV cargo van features a 46-killowatt lithium-ion battery pack with a 110-mile range.

It is expected that the solid-state polymer technology will deliver more than 200 miles of range on a full charge for the Mullen Class 1 EV cargo van.

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Market News Today - Mullen Receives Big $110M Funding for This Year.
Market News Today – Mullen Receives Big $110M Funding for This Year.

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Mullen Automotive to Test New Battery Tech This Year

Market News Daily - Mullen Automotive to Test New Battery Tech This Year.
Market News Daily – Mullen Automotive to Test New Battery Tech This Year.

Mullen Automotive (NASDAQ:MULN) is testing new battery technology by Q4 of 2023.

“Solid-state battery technology will offer customers the longest range commercial EVs available today.

Mullen will begin testing solid-state polymer battery technology in test vehicles on US roads in Q4 2023,” the company said in an official press release.

Class 1 commercial EV cargo vans are going to be outfitted with Mullen’s solid-state polymer battery technology, increasing current range from 110 miles to more than 200 miles on a single charge.

We can expect to see other changes, or modifications requested at the end of the Menzies Aviation 60-day pilot program by Q4 2023 as well.

Some of which include increased seating capacity and additional windows for enhanced driver visibility.

Upon completion of these enhancements and finalization of contract terms, it is anticipated that these updated vehicles will be used by Menzies to expand its fleet globally.

Currently, the Mullen Class 1 EV cargo van features a 46-killowatt lithium-ion battery pack with a 110-mile range.

It is expected that the solid-state polymer technology will deliver more than 200 miles of range on a full charge for the Mullen Class 1 EV cargo van.

In general, solid-state batteries offer higher energy density, faster charging time, smaller size, and better safety compared to traditional lithium-ion cells.

Statements from Mullen Automotive on New Battery Technology

Mullen Automotive new battery technology

“Electric vehicles for fleet applications are proven to reduce maintenance and operating costs,” said John Schwegman, chief commercial officer of Mullen Automotive.

“Offering a higher-range battery option at a similar cost structure would significantly increase the number of use cases and routes in which commercial customers could deploy EVs.”

“The Linghang Guochuang Holding Group Co., Ltd. partnership with Mullen brings next-generation LH solid-state battery technology to the forefront of vehicle production.

Our partnership accelerates the world’s use of solid-state polymer battery technology, not only on the vehicle level, but at all levels.

We are pleased to be the first company in the U.S. to implement LH solid-state polymer battery technology in a commercial vehicle in conjunction with Mullen Automotive,” said Yao Wang, general manager, new energy power business department, Linghang Guochuang Holding Group Co., Ltd.

“The continued development of solid-state polymer batteries into our portfolio of vehicles, starting with the Class 1 EV cargo van, demonstrates our continued commitment to improving battery efficiency and overall vehicle performance,” said David Michery, CEO and chairman of Mullen Automotive.

MULN stock fell more than -4% on Tuesday despite the positive development.

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Market News Today - Mullen Automotive to Test New Battery Tech This Year.
Market News Today – Mullen Automotive to Test New Battery Tech This Year.

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What You Need to Know About Mullen and Menzies Program

Market News Daily - What You Need to Know About Mullen and Menzies Program.
Market News Daily – What You Need to Know About Mullen and Menzies Program.

Mullen Automotive (NASDAQ:MULN) announced on Monday that it had completed its successful 60-day program with Menzies.

The company partnered with Menzies Aviation in a 60-day pilot program that would evaluate the Class 1 electric vehicle cargo vans in several use cases across its operations at LAX earlier this year.

Menzies Aviation is the world’s largest aviation service company and it’s looking for innovative solutions to support its ambitious goal of becoming carbon neutral by 2033.

Menzies has a global fleet of 27,000 ground service equipment, including over 8,000 vehicles, at 250-plus airports worldwide and is committed to switching to electric wherever possible to reduce emissions in line with its sustainability strategy. 

Loop Global Inc. also partnered with Mullen and Menzies to provide charging infrastructure, a solution to one of the challenges in today’s EV world.

Let’s break down what Mullen Automotive’s report from the Menzies program.

Biggest Highlights from Menzies Partnership

Mullen Automotive released an official statement on social media and on their investors page detailing how the 60-day pilot program with Menzies went.

The company did have driver feedback and van modification requests but more on that in a moment.

Highlights of 60-day LAX Pilot Program:

  • Two Class 1 EV vans were piloted at LAX airport and powered utilizing Loop-installed level 2 chargers
  • Vans were utilized for transporting both equipment and crews throughout the pilot program
  • Over 1,500 miles were driven over the course of the pilot at LAX
  • Consistent performance with 100% uptime and zero maintenance issues
  • Estimated cost savings of 66% in electrical versus their gas-equivalent vehicles
  • Estimated 83% reduction in CO2 emissions for EV vans compared to gas-vehicle equivalent

“Based on driver feedback, Menzies has requested van modifications to include increased seating capacity and additional windows for enhanced driver visibility.

Upon completion of these enhancements and finalization of contract terms, it is anticipated that these updated vehicles will be used by Menzies to expand its fleet globally.

During the pilot, Loop provided EV charging infrastructure and fleet operations software to service the Mullen electric vans through its electric vehicle fleet-as-a-service (“EVFaaS”) program.

With the Loop cloud-based Charger Management System (“CMS”), Menzies was able to charge Mullen’s electric vehicles between each shift to keep them powered for daily operations across LAX.”

Additional Statements from Mullen

“We are excited to be a part of electrifying Menzies fleet at LAX Airport,” said John Schwegman, chief commercial officer at Mullen Automotive.

“We were confident that our Class 1 vans would provide an ideal use case at LAX. We look forward to expanding their fleet at LAX and other operations.”

“The LAX pilot was very important in quantifying the efficiency, uptime, and cost savings that can be achieved with our Class 1 EV vans.

Successful pilots such as this demonstrate how companies can scale their fleet operations with commercial EV offerings from Mullen,” said David Michery, CEO and chairman of Mullen Automotive.

MULN stock fell more than -16% on Monday despite the positive development.

Volume jumped to 529 million, more than twice its average trading volume of 252 million.

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Mullen and RMA Deliver EVs to MGT Lease Company

Market News Today - Mullen and RMA Deliver EVs to MGT Lease Company.
Market News Today – Mullen and RMA Deliver EVs to MGT Lease Company.

Mullen Automotive (NASDAQ:MULN) and Randy Marion Automotive Group (RMA) have delivered Class 1 EV cargo vans to MGT Lease Company, per an official statement.

MGT Lease Company is based in High Point, North Carolina.

The vehicle order was fulfilled through Randy Marion Automotive, a distributor of Mullen’s commercial EVs.

The initial order is for four vehicles, with subsequent future deliveries expected.

Mullen says announcements of additional customer class 1 van deliveries will follow.

Mullen and RMA Deliver EVs to MGT Lease Company
Mullen and Randy Marion Automotive (RMA) Deliver EVs to MGT Lease Company.

In a statement, Mullen says it is proud to announce MGT as one of its first commercial EV fleet customers.

MGT is a growing commercial vehicle sales and leasing company 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 electrician.

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

“Mullen’s class 1 is a perfect entry point for us and working with the Company. The class 1 segment no longer has internal combustion engine options from the major OEM brands and certainly does not have any class 1 EV options. One of the biggest opportunities we see is the class 3 cab-chassis segment, with the potential to upfit and offer unlimited options for commercial customers,” said Thomas Gavlik, managing partner at MGT.

Statements from Mullen Automotive

“MGT is a rapidly growing fleet leasing company that fully understands the commercial market and will help accelerate Mullen’s Fleet-First commercial vehicle approach,” said John Schwegman, Mullen’s chief commercial officer.

“We continue to see growing interest in our commercial EV offerings, and it’s great to have MGT as one of our first commercial customers,” said David Michery, CEO and chairman of Mullen Automotive.  

“We look forward to growing our relationship with MGT across our entire platform of commercial EV vehicles.”

Earlier this week, more than two dozen Mullen Class 1 EVs were spotted at RMA Group parking lots.

As of Feb. 28, 2023, Mullen has $87,400,009 of cash and cash equivalents, including restricted cash, and Mullen expects to receive an additional $110 million from firm commitments by June 1, 2023.

“I believe we have all the pieces in place between our product, factories, and strategic expertise to execute on our plans to deliver our Class 1 and Class 3 vehicles this year,” said David Michery, CEO and chairman of Mullen Automotive.

“Furthermore, we continue to invest and move at a fast clip with the Mullen FIVE program, which will soon be approaching vehicle engineering freeze, allowing us to move into the next phase of the crossover program.”

What is Happening with MULN Stock?

MULN stock is up more than +17% on the week and has established an uptrend.

Mullen Automotive shares have been suppressed by heavy shorting despite big demand for the stock.

On Friday morning, volume has surged to nearly half a million in trading volume with the options volume distribution leaning heavily on call option contracts.

Bullish sentiment in Mullen Automotive stock has not waivered despite falling share prices this year.

Will MULN stock finally begin to move up again?

MULN stock - Technical Analysis, Franknez.com.
MULN stock – Technical Analysis, Franknez.com.

At the time of this publication, MULN stock is trading at $0.1330.

We’ve seen a double bottom around $0.13 flat — which shows strength at this level.

If buyers are not able to create momentum here and sellers begin to pick up, a break below this level will lead MULN to retest $0.1190-$0.12.

However, indicators show selling momentum has begun to shrink while buyers are slowly coming in.

But unless big buyers step in, shareholders can expect some sort of consolidation between $0.13 and $0.14.

Still, Mullen Automotive stock looks bullish at the moment having broken structure from $0.11 on Thursday to $0.13 on Friday — signaling an upwards trend in the short term, or minor bounce when looking at the macro picture.

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Market News Today – Mullen and RMA Deliver EVs to MGT Lease Company.

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Will MULN Stock Finally Begin to Skyrocket?

Market News Daily: Will MULN Stock Go Up?
Market News Daily: Will MULN Stock Go Up?

Mullen Automotive (NASDAQ:MULN) stock reached an all-time low of $0.0888 this week and is beginning to bounce from the level; will MULN stock finally begin to go up again?

The stock surged to $0.12 after hours after having a +11.23% gain day on Wednesday.

For a moment, Mullen saw a combined gain of +40%.

Buyers are definitely stepping in, but we’re seeing rejection around the $0.12 level followed by consolidation.

One of two things may happen here.

Either we see further selloffs going into Thursday, causing the stock to plunge, or we see big buyers begin to step in again, breaking above the $0.12 level to retest $0.14 per share.

Pre-market hours will tell us a bit more about the trajectory of where MULN stock could be heading.

A push above $0.12 will demonstrate demand is rising — a result of perhaps some of the latest developments.

Mullen Class 1 EVs were spotted at an RMA Group location this week, a development shareholders have been waiting for confirmation on.

Investors are now waiting for either Randy Marion Automotive or Mullen’s CEO to follow up with an update on the latest 6,000 EV delivery valued at $200 million.

Investors, Tread Cautiously

While Mullen Automotive currently has positive developments in the works, with one of the most exciting one having received the distribution rights to the K50 Dragonfly, the company is still a big target for short sellers.

Because the markets are tailored preferably to better suit hedge funds and market makers, the biggest risk of investing in MULN stock is the possibility of the company getting delisted.

The company managed to avoid delisting with a 180-day extension from Nasdaq, but this doesn’t protect the company from getting shorted down to zero.

Still, optimistic shareholders remain convicted by the possibility of a MULN short squeeze after analysts gave Mullen Automotive a price target of $24.15 this year.

As of Feb. 28, 2023, Mullen has $87,400,009 of cash and cash equivalents, including restricted cash, and Mullen expects to receive an additional $110 million from firm commitments by June 1, 2023.

The Company believes the combination of cash on hand and expected firm cash commitments provides it with enough capital to execute on its business plan over the next 12 months.

“I believe we have all the pieces in place between our product, factories, and strategic expertise to execute on our plans to deliver our Class 1 and Class 3 vehicles this year,” said David Michery, CEO and chairman of Mullen Automotive.

“Furthermore, we continue to invest and move at a fast clip with the Mullen FIVE program, which will soon be approaching vehicle engineering freeze, allowing us to move into the next phase of the crossover program.”

The CEO has yet to touch topic on falling share prices other than the company will undergo a reverse stock split to stay compliant with Nasdaq’s rule.

Will MULN Stock Go Up?

As we’ve seen in the past with MULN stock and other retail favorites, big demand has proven to move share prices up regardless of the amount of stock being traded in off-exchanges or dark pools.

Investor confidence may rise if insiders begin to take large positions in the stock — something shareholders have shared on social media they’d like to see.

Although CEO David Michery has been criticized for failing to communicate with shareholders, it’s possible that projects coming to fruition, oppose to just being announcements, will also create the momentum the stock needs to bounce back from its current levels.

Time will certainly tell where MULN stock will be going from here.

Share your thoughts in the comment section below.

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Market News Today - Will MULN stock go up?
Market News Today – Will MULN stock go up?

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Mullen Class 1 EVs Have Been Spotted at RMA Group

Market News Daily - Mullen Class 1 EVs Have Been Spotted at RMA Group.
Market News Daily – Mullen Class 1 EVs Have Been Spotted at RMA Group.

Mullen Automotive (NASDAQ:MULN) Class 1 EV cargo vans have been spotted at Randy Marion Automotive Group.

The company said in an official report that the delivery of 6,000 EVs would take place by the end of March 2023.

The $200 million purchase order rumor has come true.

Now investors are waiting for official confirmation of the delivery from the company or CEO soon.

Several Mullen Class 1 EV cargo vans have been spotted at a Randy Marion Automotive dealership this week.

“When I went to RM on 3/23, I counted 34 Mullen & 133 Elms on the lot public has access to. There is another lot that public cannot get into (not sure if there are any over there), said a user on Twitter.

Market News Daily – Mullen Class 1 EVs Have Been Spotted at RMA Group.

Skeptics have doubted this deal would ever go through but in this video, we see Mullen Class 1 EV cargo vans on Randy Marion Automotive’s public parking lot.

As of Feb. 28, 2023, Mullen has $87,400,009 of cash and cash equivalents, including restricted cash, and Mullen expects to receive an additional $110 million from firm commitments by June 1, 2023.

“I believe we have all the pieces in place between our product, factories, and strategic expertise to execute on our plans to deliver our Class 1 and Class 3 vehicles this year,” said David Michery, CEO and chairman of Mullen Automotive.

“Furthermore, we continue to invest and move at a fast clip with the Mullen FIVE program, which will soon be approaching vehicle engineering freeze, allowing us to move into the next phase of the crossover program.”

Will MULN Stock Recover?

MULN stock is up more than +13% on Wednesday morning.

Shareholders have grown quite weary of the declining share price despite several positive developments.

The company recently won license for IP and exclusive distribution rights in North and South American markets for the Qiantu K50/DragonFLY.

“This agreement with Qiantu is an important milestone for the company, said Mullen’s CEO and Chairman David Michery, adding that “since day one, we have received overwhelming positive feedback for this vehicle, including our original debut at the 2019 New York Auto Show and the Indy 500 in May 2019.

We are excited to start the GT and GTRS programs on March 20, 2023.”

According to sources, Mullen Automotive will work to re-engineer the product to meet U.S. standards with final assembly in Mishawka, Indiana.

The EV supercar will be rebranded and refreshed to sell under the Mullen GT & GTRS brands with expected performance specs of 0-60 MPH in 1.95 seconds and a top speed over 200 MPH.

The stock should recover as these positive developments and updates start taking physical form.

The CEO has hinted at issuing a reverse stock split should the company fail to meet the Nasdaq $1 bid requirement by September this year.

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Market News Today – Mullen Class 1 EVs Have Been Spotted at RMA Group.

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Mullen Has Until March 31st to Deliver 6,000 EVs

Market News Daily - Mullen Has Until March 31st to Deliver 6,000 EVs.
Market News Daily – Mullen Has Until March 31st to Deliver 6,000 EVs.

Mullen Automotive (NASDAQ:MULN) has until March 31st to deliver its 6,000 Class 1 cargo van EVs to Randy Marion Automotive Group.

Last week, CEO David Michery made addressed shareholders in a formal report confirming the delivery of 6,000 EVs to RMA, valued at $200 million.

At first, the rumors of the $200 million purchase order seemed to hold very little weight, at least according to shareholders who noticed the delivery had not been made yet.

Now that shareholders have received confirmation from the Mullen Automotive CEO, it’s just a matter of waiting for the promise to be delivered.

David Michery said the delivery would take place by the end of March 2023, making the 31st a big deadline for the company who’s shares have fallen more than -68% this year.

Mullen Automotive stock, now trading at just $0.10 was able to avoid getting delisted on March 6th when Nasdaq approved a second 180-day extension.

If Mullen stock fails to trade above $1 for a minimum of 10 consecutive business days prior to Sept. 5, 2023, the Company will implement a reverse stock split to cure the Deficiency prior to the expiration of the additional 180-day compliance period.

“Consistent with my message to our shareholders, we will use our best efforts to regain compliance to meet Nasdaq’s requirement for a $1 minimum bid price,” said the CEO.

Why MULN Stock is Treading a Fine Line

Mullen to deliver 6,000 EVs to Randy Marion Automotive - MULN stock news today.
Mullen to deliver 6,000 EVs to Randy Marion Automotive – MULN stock news today.

MULN stock is risking hitting zero as it trades just barely above $0.10.

The company has had very positive developments so far in 2023, which has led investors to believe Mullen Automotive is a target for naked shorts.

CEO David Michery has been criticized by shareholders for not speaking out on the subject matter like other CEOs are doing today.

Mullen Automotive won license for IP and exclusive distribution rights in North and South American markets for the Qiantu K50/DragonFLY.

“This agreement with Qiantu is an important milestone for the company, said Mullen’s CEO and Chairman David Michery, adding that “since day one, we have received overwhelming positive feedback for this vehicle, including our original debut at the 2019 New York Auto Show and the Indy 500 in May 2019.

We are excited to start the GT and GTRS programs on March 20, 2023.”

But despite this great development, Mullen is treading a fine line with the deadline of the 6,000 EV delivery.

If it is able to deliver on its promise, Mullen Automotive will finally have its first fleet of EVs on the ground by a reputable industry leader.

Failure to deliver and the company might continue to face investor scrutiny, and damaging the last connection of trust the CEO has with its shareholders.

Mullen Class 1 EV Cargo Van – MULN Stock News Today.

Are you holding Mullen Automotive Stock?

What are your current thoughts on Mullen Automotive?

The stock price is in a very risky zone, but the delivery of its promise may completely change the tide around.

Will this be the development that sends MULN shares skyrocketing?

I’d love to hear your thoughts.

Leave a comment down below.

Market News Published Daily

Market News Today - Mullen Has Until March 31st to Deliver 6,000 EVs.
Market News Today – Mullen Has Until March 31st to Deliver 6,000 EVs.

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