Tag: MULN Stock Reddit (Page 2 of 9)

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.

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

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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.

Market News Published Daily

Market News Today - Is Amazon buying AMC Entertainment?
Market News Today – Mullen and RMA Deliver EVs to MGT Lease Company.

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