Tag: MULN Stocktwits (Page 1 of 14)

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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Will Mullen’s New Developments Save the Company From Delisting?

Market News Today - Will Mullen's New Developments Save the Company From Delisting?
Market News Today – Will Mullen’s New Developments Save the Company From Delisting?

Will Mullen’s New Developments Save the Company From Delisting? The company announced on Monday the purchase of battery pack production assets from Romeo Power for approximately $3.5 million.

The deal includes equipment, inventory, and intellectual property for high-volume EV (electric vehicle) battery pack and module production.

The Romeo Power assets include production lines for EV pack assembly and precision R&D module and pack development with associated inventory, allowing for the production of modules and vehicle battery packs.

Additionally, the purchased assets include battery testing and validation equipment, computer numerical control (CNC) equipment for battery pack, and module enclosure production.

The purchase also includes all furniture and fixtures.

Establishing internal capabilities for building the Company’s own battery packs and modules reduces reliance on third-party suppliers and lessens the risk associated with supply chain and component shortages.

The Romeo assets will be transferred to Mullen’s high-voltage facility in Monrovia, California, enabling the Company to integrate the assets into its existing facility at a lower cost while enhancing the existing battery pack production capabilities, the press release said.

“Purchasing the Romeo assets is consistent with our battery pack production path and previous announcements for our high voltage facility in Monrovia.

Overall, this purchase further enhances our capabilities for battery pack production right here in California and the U.S.,” said David Michery, CEO and chairman of Mullen Automotive.

Shares of the EV company rose more than +10% on Monday following the announcement, though shares have now fallen more than -99% this year-to-date.

Will Mullen’s latest developments save the company from delisting? Here’s what’s happening with the company today.

Also Read: Mullen Files A New Lawsuit Against TD Ameritrade and Others

Mullen Now Becomes An Approved Vendor For British Airways

Market News Today - Will Mullen's New Developments Save the Company From Delisting?
Market News Today – Will Mullen’s New Developments Save the Company From Delisting?

Mullen Automotive has now become an approved vendor for British Airways, an SEC filing published on Friday shows.

British Airways is the flag carrier of the United Kingdom.

It is headquartered in London, England, near its main hub at Heathrow Airport and is the second largest UK-based carrier, based on fleet size and passengers carried, behind easyJet.

A day prior to the news, the company announced that they had received an official delisting notice from Nasdaq.

However, Mullen has requested an extension and to present a plan to regain compliance of Nasdaq’s $1 bid requirement.

“Had the Company not requested this hearing, it would have been subject to delisting on Sept. 15, 2023.

Ultimately, there is no guarantee that the Panel will grant an extension of the compliance period,” the company said.

Mullen Automotive has stated that it believes the company is under attack by illegal short selling and is currently investigating their options around this.

The company have even opened a new lawsuit 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.

Official Statement from the CEO:

“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.

Will Mullen Automotive Be Able to Prevent Delisting?

Mullen Automotive will require Nasdaq to approve an extension to prevent delisting.

Otherwise, the CEO will need to look at a massive buyback as an option to drive the company’s share price above $1.

The third way delisting may become preventable is if shareholders create enough buying pressure to send shares up.

Short sellers have the most leverage, especially when it comes to these institutions, so it’s going to be a challenge.

However, getting MULN stock to trade above $1 is still very possible.

Investors should be aware of the risks associated to this play.

But I’m curious to know your thoughts on Mullen Automotive. Will the company’s new developments save it from delisting? Leave your thoughts below.

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Market News Today - Will Mullen's New Developments Save the Company From Delisting?
Market News Today – Will Mullen’s New Developments Save the Company From Delisting?

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Mullen Now Becomes An Approved Vendor For British Airways

Market News Today - Mullen Now Becomes An Approved Vendor For British Airways.
Market News Today – Mullen Now Becomes An Approved Vendor For British Airways.

Mullen Automotive (NASDAQ:MULN) has now become an approved vendor for British Airways, an SEC filing published on Friday shows.

British Airways is the flag carrier of the United Kingdom.

It is headquartered in London, England, near its main hub at Heathrow Airport and is the second largest UK-based carrier, based on fleet size and passengers carried, behind easyJet.

“In April 2023, British Airways began piloting Mullen’s Campus EV cargo van at Los Angeles International Airport (“LAX”).

Subsequently and after the success of the pilot, both LAX and Chicago O’Hare International Airport locations have purchased Campus EV cargo vans in support of BA airport ground operations.

The transactions for both the LAX and ORD closed with the receipt by Mullen of payment from British Airways on August 31, 2023.

On July 12, 2023, BA Engineering entered into a separate Campus EV cargo van pilot agreement for George Bush International Airport in Houston, TX. 

IAH is currently pending a purchase decision.

Mullen is now an approved vendor for additional BA airport locations.”

MULN stock rose on Friday up to +2%, though shares have fallen more than -99% this year-to-date.

“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.

A 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.

Also Read: Investors Vote for Mullen CEO to Focus on Illegal Trading

Mullen Automotive News Today

Market News Today - Mullen Now Becomes An Approved Vendor For British Airways.
Market News Today – Mullen Now Becomes An Approved Vendor For British Airways.

It’s official. Mullen Automotive has now received a delisting notice from Nasdaq, the company announced on Thursday.

The letter indicates that the Company did not meet the Staff’s Sept. 5, 2023, deadline to regain compliance with Nasdaq Listing 5550(a)(2) due to the Company’s failure to maintain a minimum bid price of $1.00.

“On Sept. 6, 2023, the Company requested a hearing before the Nasdaq Listing Qualifications Panel to request a further extension of time and present its plan to regain compliance with Nasdaq Listing 5550(a)(2).

Had the Company not requested this hearing, it would have been subject to delisting on Sept. 15, 2023.

The requested hearing typically stays any delisting or suspension action pending the issuance of a final decision by the Panel.

The Panel has broad discretionary public interest authority, which includes the discretion to grant the Company up to an additional 180 calendar days from Sept. 5, 2023, to regain compliance.

The Panel can also exercise that authority to apply additional or more stringent criteria for the continued listing of the Company’s common stock or suspend or delist securities.

Ultimately, there is no guarantee that the Panel will grant an extension of the compliance period,” the company said.

Shares of the EV company fell more than -8% on Wednesday, now marking losses of more than -99% this year-to-date.

On Thursday, shares fell an additional -6%.

“$MULN Rest assured that if and when we receive a delisting notice, we have every intention of filing an appeal immediately upon receipt, which postpones the delisting process until the panel makes a decision.” – CEO David Michery, said on Wednesday.

Can anything be done to save Mullen Automotive from delisting? Leave your thoughts in the comment section down below.

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Market News Today - Mullen Now Becomes An Approved Vendor For British Airways.
Market News Today – Mullen Now Becomes An Approved Vendor For British Airways.

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