Tag: MULN Stock Reddit (Page 1 of 11)

Mullen Just Sold A New Batch of Its EVs to NYPA

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

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

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

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

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

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

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

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

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

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

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

Other Mullen Automotive News Today

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

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

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

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

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

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

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

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

Mullen Automotive News Today.
Mullen Automotive News Today.

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

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

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

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

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

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Mullen CEO Teases At A Big Week in New Message

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

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

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

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

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

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

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

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

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

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

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

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

Leave a comment down below.

Also Read: Mullen Launches New Tech For Its Vehicles

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

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Mullen Announces New 1 for 9 Reverse Stock Split

Market News Daily - Mullen Announces New 1 for 9 Reverse Stock Split.
Market News Daily – Mullen Announces New 1 for 9 Reverse Stock Split.

Mullen Automotive (NASDAQ:MULN) has announced a new 1 for 9 reverse stock split alongside the beginning of a $25 million stock buyback program.

“We believe the Company is highly undervalued and the stock buyback program represents a compelling use of our capital, reflecting confidence in our business,” said David Michery, CEO and chairman of Mullen Automotive.

On Monday, Mullen revealed the shareholder meeting results in a new SEC 8-K filing, which go over its dilutive proposals.

Two of the biggest dilutive proposals were passed according to Mullen’s 8-K filing:

  1. The issuance of an additional 52 million shares.
  2. And another Reverse Stock Split.

Mullen received 221,098,224 ‘votes for’ a reverse stock split, and 103,280,513 ‘votes against’ it, with 1,415,758 abstentions.

“NASDAQ Listing Rule 5810(c)(3)(H) states that, “If a Company fails to meet the [Minimum Bid Price requirement], compliance is generally achieved by meeting the requirement for a minimum of ten consecutive business days.

However, Staff may, in its discretion, require a Company to [maintain a bid price of at least $1.00 per share] for a period in excess of ten consecutive business days, but generally no more than 20 consecutive business days, before determining that the Company has demonstrated an ability to maintain long-term compliance.

In determining whether to require a Company to meet the [minimum $1.00 bid price standard] beyond ten business days, Staff will consider the following four factors: (i) margin of compliance (the amount by which the [bid price is above the $1.00 minimum standard]); (ii) trading volume (a lack of trading volume may indicate a lack of bona fide market interest in the security at the posted bid price); (iii) the Market Maker montage (the number of Market Makers quoting at or above $1.00 and the size of their quotes); and, (iv) the trend of the stock price (is it up or down).”

MULN stock is currently trading at $0.11 which means that with a 1 for 9 reverse stock split, the new price will trade at exactly $1 per share.

Repost this article on Twitter! ⬇️

Latest MULN Stock News

Market News Daily - Mullen Announces New 1 for 9 Reverse Stock Split.
Market News Daily – Mullen Announces New 1 for 9 Reverse Stock Split.

Mullen Automotive (NASDAQ:MULN) announced on Thursday that it has now begun production this month for its Class 1 and Class 3 EVs.

“August is a busy month at our Tunica, MS Assembly Plant! Our Mullen THREE – Class 3 EV Cab FWD production in action ⚡”, said the company on Twitter.

The company announced in mid-July the transfer of Class 1 EV cargo van vehicles between its plants in Mishawaka, Indiana, and Tunica, Mississippi, for final assembly pursuant to customer orders.

Mullen said that over 350 of its Class 1 EVs would be transferred to Tunica for final assembly.

“Our Tunica plant is in final stages for the production start and deliveries of class 1 and class 3 vehicles to customers between August and December 2023,” stated John Taylor, senior vice president of global manufacturing for Mullen Automotive.

“Exciting times as we are getting very close to delivering vehicles to awaiting customers, beginning in August 2023, which allows us to recognize continued revenue growth over the last six months of 2023,” said David Michery, CEO and chairman of Mullen Automotive.  

Critics of the EV company have requested proof of manufacturing and Mullen has now published the following video of its assembly line in Mishawaka, IN.

Also Read: Mullen Has Now Been Investigating Naked Short Selling Since April

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Market News Today - Mullen Announces New 1 for 9 Reverse Stock Split.
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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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