Tag: MULN Stocktwits (Page 2 of 14)

Official: Mullen Now Receives Delisting Notice From Nasdaq

Market News Today - Official: Mullen Now Receives Delisting Notice From Nasdaq.
Market News Today – Official: Mullen Now Receives Delisting Notice From Nasdaq.

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 have fallen 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.

Also Read: Will Mullen’s New Manipulation Lawsuit Save The Company?

Mullen Files A New Lawsuit Against TD Ameritrade and Others

Market News Today - Official: Mullen Now Receives Delisting Notice From Nasdaq.
Market News Today – Official: Mullen Now Receives Delisting Notice From Nasdaq.

Mullen Automotive filed a new lawsuit against TD Ameritrade and other large stock brokerage firms, the company announced on Tuesday.

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.

“Like you, we saw the press release this morning but have not yet reviewed the filing,” a spokesperson from Charles Schwab told FrankNez.

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.

Today, the stock is down more than -99% this year-to-date.

Also Read: TD Bank is Now Under Federal Investigation

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Market News Today - Official: Mullen Now Receives Delisting Notice From Nasdaq.
Market News Today – Official: Mullen Now Receives Delisting Notice From Nasdaq.

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Mullen Prepares to Receive a New Delisting Notice

Market News Today - Mullen Prepares to Receive a New Delisting Notice.
Market News Today – Mullen Prepares to Receive a New Delisting Notice.

Mullen Automotive (NASDA:MULN) is preparing to receive a new delisting notice according the company’s latest post on social media.

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

As the company’s shares hover just above $0.45, Mullen braces to receive a new delisting notice.

“$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

Each trading day, Nasdaq publishes a list of Nasdaq issues that are pending suspension or delisting.

An issue will appear on this list the first trading day after the issuer provides Nasdaq with notification of its intent to voluntarily delist.

An issue will also appear on this list if it has been suspended for failure to meet continued listing requirements or due to other events such as expiration, redemption, or acquisition of the security.

Issues will remain on this list until the first business day after the issue is delisted.

An issue is delisted 10 calendar days from the date the Form 25, Notification of Removal from Listing and/or Registration, is filed with the Securities and Exchange Commission.

Due to the current share price, Mullen Automotive also risks issuing another reverse split to remain compliant with Nasdaq’s $1 bid requirement.

What are your current thoughts on the company? Leave your thoughts in the comment section down below.

Also Read: Mullen Has Now Repurchased $5.6 Million in Shares

Will Mullen’s New Manipulation Lawsuit Save The Company?

Market News Today - Mullen Prepares to Receive a New Delisting Notice.
Market News Today – Mullen Prepares to Receive a New Delisting Notice.

Last week Mullen Automotive announced that it has filed a lawsuit 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.

The 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.

“Like you, we saw the press release this morning but have not yet reviewed the filing,” a spokesperson from Charles Schwab told FrankNez.

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

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Market News Today - Mullen Prepares to Receive a New Delisting Notice.
Market News Today – Mullen Prepares to Receive a New Delisting Notice.

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Will Mullen’s New Manipulation Lawsuit Save The Company?

Market News Today - Will Mullen's New Manipulation Lawsuit Save The Company?
Market News Today – Will Mullen’s New Manipulation Lawsuit Save The Company?

Will Mullen’s (NASDAQ:MULN) new manipulation lawsuit save the company from piling short sellers?

The company’s short interest has spiked to 23.69%, indicating an increase in shorting activity in the EV company.

On Tuesday Mullen Automotive announced that it has filed a lawsuit 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.

The 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.

“Like you, we saw the press release this morning but have not yet reviewed the filing,” a spokesperson from Charles Schwab told FrankNez Tuesday morning.

Mullen Automotive Falls -99% This Year-to-Date

Shares of the EV company have now fallen more than -99% this year-to-date and continue to hit new all-time lows.

Market News Today - Will Mullen's New Manipulation Lawsuit Save The Company?
Market News Today – Will Mullen’s New Manipulation Lawsuit Save The Company?

“My law firm and my co-counsel, Alan Pollack, from Warshaw Burstein, together with our team of experts and analysts, are committed to representing companies like Mullen who are targets of dishonest broker-dealers who employ schemes and devices to manipulate the share price of their companies securities.

The Mullen lawsuit involves concerted efforts by the Defendants to destroy Mullen’s share price by engaging in an abusive short-selling scheme.

This scheme was intended to inject false and misleading information about Mullen into the market, which has caused many shareholders to sell their investments in Mullen.

Like our client, we are committed to protecting the rights and interests of their shareholders who we believe have been victimized by unscrupulous broker-dealers who have perpetrated fraud on the marketplace,” said Wes Christian in a statement.

In February, I published a report highlighting 3 signs pointing towards naked short selling in Mullen Automotive, but is it too late?

Shareholder value has been decimated by several reverse stock split, and it looks like Mullen might be headed that way again, that is unless massive buy volume is able to raise the stock’s price over Nasdaq’s $1 bid level.

Filings show that these brokers have officially been summoned by the court, now its just a waiting game to see what comes from it.

Will Mullen’s new manipulation lawsuit save the company? What do you think? Leave your thoughts in the comment section down below.

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Market News Today - Will Mullen's New Manipulation Lawsuit Save The Company?
Market News Today – Will Mullen’s New Manipulation Lawsuit Save The Company?

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Mullen CEO Speaks on Plunging Stock Price in New Letter

Market News Daily - Mullen CEO Speaks on Plunging Stock Price in New Letter.
Market News Daily – Mullen CEO Speaks on Plunging Stock Price in New Letter.

Mullen Automotive (NASDAQ:MULN) CEO David Michery is now speaking out on the company’s plunging stock price in a new letter to shareholders.

Shares of the company ironically soared more than +78% on Wednesday as MULN stock tested $0.84.

In his letter, David Michery acknowledges numerous requests to the ongoing decline of the company stock.

“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 (i.e., vehicle production completion within projected timelines), stock traders continue to place downward pressure on the stock, causing the price to fall.

I previously announced that the Company engaged Share Intel and other parties to investigate what I suspect to be unlawful trading practices in our stock.

We are assembling all the data received to date and should have something to announce in the coming days.

I am extremely frustrated that the hard work of Mullen‘s dedicated team and the significant momentum and successes achieved to date are overshadowed by the unrealistic value attributed to our stock.

The Company and I have demonstrated our commitment to the success of our initiatives by purchasing its stock through the previously announced Share Buy Back program

I have also personally recently purchased stock, demonstrating my unwavering confidence in our Company,” the CEO stated in his letter.

Shares of the company hit a 52-week low on Wednesday before share began to rise.

MULN stock is currently down more than -98% this year-to-date.

Below is the full letter from the Mullen CEO to shareholders.

Mullen CEO Letter to Shareholders

Market News Daily - Mullen CEO Speaks on Plunging Stock Price in New Letter.
Market News Daily – Mullen CEO Speaks on Plunging Stock Price in New Letter.

“The Company has received numerous requests to respond to the ongoing decline of our stock. Many of these communications have been addressed to me personally with less than kind, and sometimes threatening statements.

As CEO of this Company, I take all shareholders’ concerns seriously. One of my primary responsibilities is to execute the Company’s business plan, and as evidenced by multiple prior communications to the public, the Company continues to make significant strides in that regard. I will summarize some of those at the end of this statement.

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 (i.e., vehicle production completion within projected timelines), stock traders continue to place downward pressure on the stock, causing the price to fall.

I previously announced that the Company engaged Share Intel and other parties to investigate what I suspect to be unlawful trading practices in our stock. We are assembling all the data received to date and should have something to announce in the coming days.

I am extremely frustrated that the hard work of Mullen‘s dedicated team and the significant momentum and successes achieved to date are overshadowed by the unrealistic value attributed to our stock. The Company and I have demonstrated our commitment to the success of our initiatives by purchasing its stock through the previously announced Share Buy Back program.  I have also personally recently purchased stock, demonstrating my unwavering confidence in our Company.

I remain committed to executing the Company’s business plan and using all measures at our disposal to eliminate any unlawful trading practices in our stock.

Here are some recent highlights of company success:

Mullen Automotive Highlights

Market News Daily - Mullen CEO Speaks on Plunging Stock Price in New Letter.
Market News Daily – Mullen CEO Speaks on Plunging Stock Price in New Letter.

Financial Highlights:

  • The Company had cash balances of $227.4 million on June 30, 2023.
        – Net cash used in operating activities was $113.6 million for the nine months ended June 30, 2023.
        – Net cash used in investing activities for the nine months ended June 30, 2023, was $107.4 million; primarily consisting of the ELMS acquisition where the Company acquired a 650,000 square-foot Mishawaka production facility (originally built by GM to produce Hummer vehicles). 
        – For the nine months ended June 30, 2023, we raised $364.1 million in net cash provided by financing activities.
  • The Company’s total assets on June 30, 2023, were $600.0 million and total debt was only $7.3 million.
  • The Company reported $351.8 million of stockholders’ equity on June 30, 2023, as compared to $157.0 million on Sept. 30, 2022.
  • First revenues of $308,000 were reported for the quarter ended June 30, 2023.
  • Research and development expenses for the quarter ended June 30, 2023, were $22.1 million as compared to $7.3 million for the quarter ended June 30, 2022.

Operational Highlights:

  • Closed on controlling interest of Bollinger Motors in Sept. 2022, adding commercial class 4-6 vehicle programs along with the B1 and B2 sport utility trucks, increasing Mullen’s overall EV lineup.
  • Closed on the acquisition of ELMS in Dec. 2022 including all IP for Class 1 & Class 3 vehicles as well as the manufacturing plant in Mishawaka, Indiana.
  • The Company has received $279 million in purchase orders for Mullen Class 1 and Class 3 EV Vans and Trucks from Randy Marion Automotive Group with initial revenues from Class 3 vehicle deliveries expected during the quarter ending Sept. 30, 2023.
  • Delivery of first EV campus vans in March 2023.
  • Completed all required FMVSS testing requirements for vehicle crashworthiness and occupant safety validation for Class 1 in April 2023.
  • Partnered with Amerit Fleet Solutions in May 2023 to support national service, parts and warranty for all commercial vehicles.
  • Commercial vehicle assembly equipment transfer completed from Mishawaka, Indiana, plant to Tunica, Mississippi, facility in July 2023 enabling commercial Class 1 and Class 3 start of production.
  • Production milestone achieved in Aug. 2023 with the start of commercial assembly line with the first Class 3 completed vehicles rolling off the line.”

Also Read: Mullen Is Now Introducing The New Mullen FIVE RS

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Market News Today - Mullen CEO Speaks on Plunging Stock Price in New Letter.
Market News Today – Mullen CEO Speaks on Plunging Stock Price in New Letter.

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