Tag: MULN (Page 1 of 3)

MULN Stock Continues to Drop Despite Positive Developments

Why is MULN Stock Dropping?
Market News Daily: Why is MULN stock dropping?

Mullen Automotive (NASDAQ:MULN) stock continues to fall despite several positive developments happening with the company.

MULN shares fell to $0.10 on Thursday, closing at $0.11.

Prices have slid more than -22% in the past trading week and more than -64% this year-to-date after shares rose in January from $0.32 to $0.44.

Today’s trading marked the company’s new 52-week low.

The latest developments in Mullen Automotive have been very positive for the company, but prices have continued to tumble.

This week, Mullen Automotive received the distribution rights to their K50 Dragonfly EV supercar.

Shares momentarily rose 2.5% before coming back down.

The company 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.”

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.

Other Positive MULN Stock News

Positive MULN stock news.
Positive MULN stock news.

Just last week, Mullen Automotive confirmed the delivery of 6,000 Class 1 EV cargo vans valued at $200 million by the end of March 2023.

Mullen Automotive CEO David Michery released the official statement on the company’s website — a positive development shareholders have been waiting for since December of 2022.

The company also reported in their statement that 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.”

In December, Mullen Automotive received a $200 million purchase order for 6,000 of its Class 1 EV cargo vans by RMA group.

Randy Marion Automotive Group is one of the largest and most respected commercial vehicle dealer groups in the U.S.

“We see a tremendous opportunity with the Mullen commercial portfolio, and the launch of the commercial van could not come at a better time,” said Randy Marion, CEO and founder of RMA. “There’s significant pent-up customer demand for Mullen to fulfill. I have many customers looking at me to find product for their companies.”

Why is MULN Stock Dropping?

With all of these positive developments in Mullen Automotive, why is MULN stock dropping?

Afterall, investor sentiment remains bullish.

Since the beginning of the year, we’ve seen call options dominate put options in the derivatives market indicating bullish bets.

New retail investors have even flocked to buy shares of the company due to several positive developments in the company.

So, why is MULN stock dropping?

Investors of the company believe Mullen Automotive has become a target of naked short selling, a manipulative strategy that allows market makers and hedge funds to short a stock without actually borrowing the stock from a lender.

Aside from positive news and bullish sentiment among investors, MULN stock has seen a massive increase in FTDs this year, another indication of naked short selling in a stock.

MULN FTDs.

FTDs, or Failure-to-deliver occurs when one party in a trading contract (whether it’s shares, futures, or options) fails to deliver on their obligations.

These failures derive due to buyers not having enough money to take delivery and pay for the transaction at settlement.

In the case of sellers, it means not having the goods to meet that transaction.

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Market News Today - Why is MULN stock dropping?
Market News Today – Why is MULN stock dropping?

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Mullen Gains Distribution Rights to K50 Dragonfly

Market News Daily: Mullen gains distribution rights to K50 Dragonfly supercar.
Market News Daily: Mullen gains distribution rights to K50 Dragonfly supercar.

Mullen Automotive (NASDAQ:MULN) has gained distribution rights to their K50 Dragonfly EV supercar.

Shares of the automaker have risen more than 2.5% on Tuesday.

What’s happening with Mullen Automotive today?

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

This is big and positive news for Mullen; will we finally begin to see shares of the company grow in value?

“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.

An Incredible Development for MULN

Market News Daily: Mullen gains distribution rights to K50 Dragonfly supercar.

One of the biggest takeaways from what’s happening with Mullen Automotive today is that the company continues to move forward, despite falling share prices.

Is this company a sleeper?

The company’s plans to already begin production in Indiana to meet U.S. standards is a big steppingstone for the company.

Skeptics have criticized Mullen for not having any cars on the road yet, but the company has taken some steps forward to doing just that.

In February, the company partnered with Menzies Aviation in a 60-day pilot program that will evaluate the Class 1 electric vehicle cargo vans in several use cases across its operations at LAX.

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. 

Mullen Automotive confirmed just last week the delivery for 6,000 Class 1 EV cargo vans will be taken place end of March, valued at $200 million.

Are these positive developments in Mullen Automotive enough to send shares skyrocketing this year?

I’d love to hear your thoughts below.

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Market News Daily: Mullen gains distribution rights to K50 Dragonfly supercar.
Market News Daily: Mullen gains distribution rights to K50 Dragonfly supercar.

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What is The Probability of MULN Stock Going to $0?

Market News Daily: Will MULN stock go to $0?
Market News Daily: Will MULN stock go to $0?

Concerned investors on social media have raised the question of MULN stock going to $0.

Mullen Automotive (NASDAQ:MULN) stock ended the week at $0.14, down -9.20% on the day and down -17% for the week.

MULN stock tested $0.44 in January and again during the first week of February, but shares have been plunging ever since.

The automotive company has had a string of positive developments, with the latest MULN stock news confirming the delivery of the $200 million purchase order.

But despite these positive developments, Mullen Automotive shares have continued to tumble with concerns in the air of MULN stock going to $0.

Some warn Mullen Automotive stock may crash to zero as bankruptcy risks rise.

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

An official statement from Mullen Automotive published on 3/16 read:

“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.”

Will Mullen Automotive go bankrupt?

Doesn’t seem likely by that statement.

Will MULN Stock Go to Zero?

Market News Daily: Will MULN stock go to zero?
Market News Daily: Will MULN stock go to zero?

Mullen Automotive CEO David Michery has a plan to issue a reverse stock split should the company fail to meet Nasdaq’s $1 bid per share compliance.

Will this strategy save MULN stock from going to zero?

It’s very possible, but investors are look at CEO David Michery for answers.

MULN stock chopped at $0.14 majority of the day on Friday.

If the stock is able to find a strong support here, we may begin to see it move up again if buyers flood in.

However, market makers and hedge funds are still in control of where prices are headed — we’ve seen these institutions drive companies to $0 before, mainly through naked short selling.

Mullen Automotive Avoids Getting Delisted

Market News Daily: Will MULN stock go to $0?
Market News Daily: Will MULN stock go to $0?

The company avoided getting delisted after it failed to meet its $1 per share requirement on March 6, 2023.

Nasdaq approved a 180-day extension for Mullen Automotive to meet the minimum $1 bid price per share.

On Sept. 7, 2022, Nasdaq provided notice to the Company that, based on the previous 30 consecutive business days, the Company’s listed common stock no longer met the minimum $1 bid price per share requirement as set forth in Nasdaq Listing Rule.

The Company was provided 180 calendar days, or until March 6, 2023, to regain compliance.

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 David Michery, CEO and chairman of Mullen Automotive.

Related: These 3 Signs Point Towards Naked Shorting in MULN Stock

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Mullen Automotive Resignations Are Rising

Market News Daily: Mullen Automotive resignations raise accounting concerns.
Market News Daily: Mullen Automotive resignations raise accounting concerns.

Mullen Automotive (NASDAQ:MULN) resignations are rising, not a good sign as the company’s share price continues to tumble.

The company announced that Chief Accounting Officer (CAO) Kerri Sandler resigned on March 6th.

Vice President of Operations Chester Bragado became the new CAO immediately.

With over 20 years of experience, Bragado previously served as Mullen’s executive vice president of operations.

Before that, he held financial, auditing and accounting roles at companies like Sambazon and Loop Media.

Bragado has also served as an external auditor for PriceWaterHouseCoopers (PwC).

“There are no arrangements or understandings between Mr. Bragado and any other person pursuant to which he was appointed to serve as Chief Accounting Officer and Mr. Bragado does not have a direct or indirect material interest in any ‘related party’ transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K,” said Mullen in a Form 8-K.

“There are no family relationships between Mr. Bragado and any director or executive officer of the Company.”

Mullen Automotive News: Auditor Resigns

Market News Daily: Mullen Automotive resignations raise accounting concerns.
Market News Daily: Mullen Automotive resignations raise accounting concerns.

This announcement comes after Mullen’s auditor resigned this month.

Last week, Daszkal Bolton disclosed that it would resign immediately following a merger with CohnReznick.

Daszkal had been the company’s auditor since 2020.

Mullen did not provide any other reason for the resignation besides the merger.

Meanwhile, Mullen noted that it had engaged RBSM as its new public accountant.

Mullen Automotive has had many positive developments this year but its resignations are raising concerns.

The Brea, California-based company reported a net loss before accrued preferred dividends and non-controlling interest of $378.46 million for the three months ended Dec. 31.

MULN is currently down more than -57% this year-to-date.

7 Analysts had given the company a price target of $24.15 per share earlier this year but only 1 analyst is now giving the company a target of $23.

MULN stock is trading at $0.13 at the moment.

Hitting $1 per share is one of the biggest concerns for shareholders right now.

Mullen Automotive Avoids Getting Delisted

Mullen Automotive News Today: MULN stock avoids getting delisted.

Mullen Automotive avoided getting delisted after it failed to meet its $1 per share requirement on March 6, 2023.

Nasdaq approved a 180-day extension for Mullen Automotive to meet the minimum $1 bid price per share.

On Sept. 7, 2022, Nasdaq provided notice to the Company that, based on the previous 30 consecutive business days, the Company’s listed common stock no longer met the minimum $1 bid price per share requirement as set forth in Nasdaq Listing Rule.

The Company was provided 180 calendar days, or until March 6, 2023, to regain compliance.

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 David Michery, CEO and chairman of Mullen Automotive.

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Market News Daily: Mullen Automotive resignations raise accounting concerns.
Market News Daily: Mullen Automotive resignations raise accounting concerns.

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Mullen Automotive Receives Exclusive Federal Contract

Market News Daily: Mullen Automotive Receives Exclusive Federal Contract.
Market News Daily: Mullen Automotive Receives Exclusive Federal Contract.

(WSBT) Mullen Automotive (NASDAQ:MULN) will now be the exclusive provider for a new class of electric cargo vans for the federal government.

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

Potential success for Mullen Automotive is ahead, according to the South Bend Chamber of Commerce.

This comes as its new site in St. Joseph County looks to begin operation within a year.

Mullen Automotive will produce a new class of electric cargo vans for government use.

While those models will not be made in St. Joseph County, three other vehicles will.

That includes the Mullen 5 which is a Tesla Model 3-like competitor, the Bullinger B1 SUV and the B2 pick-up.

All will be made at the former AM General Plant, a site that has seen attempts of EV manufacturing in the past.

South Bend Regional Chamber of Commerce President Jeff Rea says the launch of a new partnership and product reflect the company’s success in a competitive market.

“Our hope is that they’re popular, that they get some good sales and some good traction, and then ultimately that leads to further sales and further production here in Mishawaka,” said Jeff Rea, South Bend Regional Chamber President and CEO.

Related: Will MULN Stock Reach $1 Before Its September Deadline?

Mullen Automotive Electric Vehicle Battery Plant?

Market News Daily: Mullen Federal Contract News.
Market News Daily: Mullen Federal Contract News.

Rea says Mullen is also developing technology for even more vehicles that will be produced in St. Joseph County.

He believes in Mullen’s chance for long-term success, as it has a broad focus with several different models set for production.

Adding the manufacturer could become a big asset for the county as it looks to become more competitive in the EV industry.

“We’ve wanted to be part of the jobs of the future, and the fact that we’re in this conversation for a potential large electric vehicle battery plant on the west side of the county for an allogenic expansion on the west side of the county, and the EV space now, Mullen on the east side of the county really solidifies us as part of this future economy, gives us this cluster if we can even work on developing a workforce and attracting other future users,” said Rea.

Although Mullen purchased the site months ago, production in St. Joseph County for Mullen vehicles is set for late this year or early 2024.

Latest MULN Stock News

Mullen Automotive (NASDAQ:MULN) just avoided getting delisted after it failed to meet its $1 per share requirement on March 6, 2023.

Nasdaq approved a 180-day extension for Mullen Automotive to meet the minimum $1 bid price per share.

On Sept. 7, 2022, Nasdaq provided notice to the Company that, based on the previous 30 consecutive business days, the Company’s listed common stock no longer met the minimum $1 bid price per share requirement as set forth in Nasdaq Listing Rule.

The Company was provided 180 calendar days, or until March 6, 2023, to regain compliance.

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.

In other words, it doesn’t seem like Mullen Automotive stock will get delisted.

“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 David Michery, CEO and chairman of Mullen Automotive.

You can read more MULN stock news here.

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Mullen Automotive Receives Exclusive Federal Contract. news.
Market News Today – Mullen Automotive Receives Exclusive Federal Contract.

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Will MULN Stock Reach $1 Before Its September Deadline?

Will MULN stock Reach $1
Market News Daily: Will MULN stock reach $1?

Mullen Automotive (NASDAQ:MULN) stock avoided getting delisted when it failed to meet Nasdaq’s dollar bid requirement; will MULN stock reach $1 before its new September deadline?

Nasdaq approved a 180-day extension for Mullen Automotive to meet the minimum $1 bid price per share.

On Sept. 7, 2022, Nasdaq provided notice to the Company that, based on the previous 30 consecutive business days, the Company’s listed common stock no longer met the minimum $1 bid price per share requirement as set forth in Nasdaq Listing Rule.

The Company was provided 180 calendar days, or until March 6, 2023, to regain compliance.

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.

MULN shares dropped below $0.20 on Thursday, currently trading around $0.18 per share.

The stock is now down -41% after analysts gave the company a +7,000% prediction for 2023.

This was around the time MULN stock was trading at $0.32 — giving Mullen Automotive a price target of $24.

Despite positive developments in the company, Mullen’s share price continues to plunge.

Shareholders say Mullen Automotive may have become a target to naked short selling.

Are Investors Still Bullish on MULN Stock?

Yet another reason why investors believe MULN stock is being naked shorted, all signs still point towards bullish sentiment — buyers still outweigh sellers.

For the entire year, we’ve seen the call options volume distribution lean heavily more towards calls, and indication investors are betting on the stock to rise.

And although volume has recently come down from earlier this year, call options continue to dominate put options in the derivatives market.

Investors are clearly bullish on MULN stock despite the massive price decline in the past months.

On Thursday, we’re seeing calls volume outweigh put options by more than 19K in volume.

In the past we’ve seen hundreds of thousands of call option volume outweighing put option orders.

New buyers of the stock have also recently come into the market.

MULN isn’t as heavily shorted as AMC or other retail favorites, yet it’s price seems to be getting suppressed like these other ‘meme stocks’.

Will MULN Stock Reach $1?

Market News Daily: Will MULN stock reach $1?
Market News Daily: Will MULN stock reach $1?

Something we’ve seen in earlier this year is that heavy buying pressure has been able to move the stock up — all it’s going to take for MULN stock to reach $1 is enough buying momentum from retail investors.

But many shareholders liquidity pool has also begun to dry up, with many being long-term buyers who are deep in unrealized losses.

However, new investors may be able to profit on a move from current levels up to $1 per share.

Here’s a statement from Mullen Automotive’s CEO in regard to the company stock reaching $1 per share.

“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 David Michery, CEO and chairman of Mullen Automotive.

Will you be buying MULN stock in efforts to capitalize on a price surge to $1?

Or are you simply holding and hoping for the best?

Leave your thoughts in the comment section below.

Your voice is powerful, please share this article to raise awareness.

Related: MULN Stock Avoids Getting Delisted for Now

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Market News Today - MULN reverse stock split
Market News Today – Will MULN stock reach $1?

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Is a MULN Reverse Stock Split on Its Way?

MULN Reverse Stock Split
Market News Daily: MULN Reverse Stock Split Update.

Is a Mullen Automotive (NASDAQ:MULN) reverse stock split underway?

Many shareholders are anticipating MULN stock to undergo a reverse stock split, similar to what AMC Entertainment is proposing to its shareholders.

What is a reverse stock split anyway?

And how will this affect shareholders portfolios?

Let’s use AMC’s 1-for-10 reverse stock split as an example.

If an investor holds 100 shares, after a 1-for-10 reverse split they will hold 10 shares but the price of the stock will 10x.

In AMC’s case, if a reverse stock split occurs today around approximately $6.58, then the share price will go up to $65.80.

Similarly, if a shareholder holds 1,000 shares, after a reverse stock split they will hold 100 shares.

Why would Mullen Automotive issue a reverse stock split?

The company has until March 6th to meet the Nasdaq minimum bid requirement of $1 per share.

If the company is unable to meet the requirement, it will enter a grace period before getting delisted.

the company said in a statement that it intends to seek an extension from Nasdaq to meet the $1-per-share threshold.

“If such extension is granted, compliance of the minimum $1 stock share threshold requirement may be extended for a further 180 days until approximately September 6,” the company said.

Will Mullen Automotive Issue a Reverse Stock Split?

Market News: Mullen Automotive Stock Split

The company has no plans at the current time to effect a reverse split. The Company has until March 6, 2023 to meet the Nasdaq minimum bid requirement of $1.00, said the Mullen Press Release as of January 25, 2023.

However, the company also stated the following:

“If the company still falls short of the minimum bid requirement, it will effect a reverse stock split at that time to maintain its Nasdaq listing compliance.”

  1. If MULN stock is unable to meet $1 per share by March 6th, an extension will be requested.
  2. If an extension is APPROVED for a further 180 days until September 6th and shares have failed to reach $1, only then…
  3. Will MULN issue a reverse stock split to maintain the Nasdaq listing compliance.

At current prices, Mullen Automotive would need to issue a 1-for-5 reverse stock split, putting MULN shares at $1.05; $0.21 per share today.

This means shareholders with 100 shares would then own 20 shares and shareholders with 1,000 shares would own 200 shares.

But I’d love to hear your thoughts on this.

Leave a comment down below.

Related: What a Reverse Stock Split Usually Signifies About a Company

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Market News Today - MULN reverse stock split
Market News Today – MULN Reverse Stock Split News.

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MULN Stock Avoids Getting Delisted for Now

Market News Daily: Mullen Automotive avoids getting delisted.
Market News Daily: Mullen Automotive avoids getting delisted.

Mullen Automotive (NASDAQ:MULN) just avoided getting delisted after it failed to meet its $1 per share requirement on March 6, 2023.

Nasdaq approved a 180-day extension for Mullen Automotive to meet the minimum $1 bid price per share.

On Sept. 7, 2022, Nasdaq provided notice to the Company that, based on the previous 30 consecutive business days, the Company’s listed common stock no longer met the minimum $1 bid price per share requirement as set forth in Nasdaq Listing Rule.

The Company was provided 180 calendar days, or until March 6, 2023, to regain compliance.

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.

In other words, it doesn’t seem like Mullen Automotive stock will get delisted.

“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 David Michery, CEO and chairman of Mullen Automotive.

MULN stock is currently trading below $0.20 at the time of this publication.

Also Read: These 3 Signs Point Towards Naked Shorting in MULN

Latest MULN Stock News

Latest MULN Stock News Today.
Latest MULN Stock News Today. MULN stock avoids getting delisted.

One of Mullen Automotive’s partners is facing serious charges — the SEC charged the Mullen financier with insider trading on another particular stock the day before Mullen and Acuitas Group made revisions to an agreement.

Mullen Automotive, Acuitas Group, and Acuitas CEO Terren Peizer have a long history.

The three parties have been involved in several financing agreements in the form of dilutive equity and debt.

Yesterday, the electric vehicle (EV) company announced that it had amended an agreement with Acuitas on March 2, bypassing the fact that its CEO was just charged with insider trading.

The amendment would see Acuitas purchase Series D preferred stock and warrants worth $20 million with an exercise date of June 1.

On March 1, it was announced that the SEC had charged Terren Peizer with insider trading for selling over $20 million worth of Ontrack (NASDAQ:OTRK) while in possession of material, nonpublic information concerning the company’s largest customer.

Peizer stepped down as CEO of Ontrak following the announcement.

The U.S. Department of Justice also announced criminal charges against the former CEO.

You can read more here.

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Market News Today - Is muln stock getting delisted?
Market News Today – Is MULN stock getting delisted?

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Mullen Automotive to Unveil Two EV Commercial Products

Mullen Automotive to unveil two EV commercial products
Market News Daily: Mullen to Unveil Two EV Commercial Products.

Last year, Mullen Automotive (NASDAQ: MULN) said it would unveil its first ever EV commercial products in 2023, ending the year with rather exciting news for its shareholders.

Today, the company is proud to announce and unveil two EV commercial products at the NTEA Work Truck Show this week.

Mullen Commercial is launching two commercial products in 2023: a fully electric Class 1 cargo van and Class 3 low-cab forward.

“We are excited to be at NTEA’s Work Truck Week and display the Mullen Commercial product lineup to both customers and commercial vehicle upfitters that are ready to electrify their fleets,” said John Schwegman, Mullen’s chief commercial officer.

“We believe the commercial market represents an excellent opportunity for our fully electric small van and our medium-duty tilt cab.”

“NTEA is the largest commercial truck show in North America and is a perfect platform for Mullen Commercial,” said David Michery, CEO and chairman of Mullen Automotive.

“This show gives us the opportunity to establish the Mullen Commercial brand with two great offerings that are coming to market this year.”

NTEA’s Work Truck Week 2023 takes place March 7-10 at the Indiana Convention Center and includes 511 exhibitors displaying the industry’s latest products and technology.

Latest MULN Stock News

MULN Stock News Today
MULN stock news today.

The unveiling of Mullen Automotive’s two EV commercial products comes as the latest MULN stock news.

Mullen Automotive stock failed to meet Nasdaq’s $1 requirement by March 6th leading to investors wondering if a MULN reverse stock split is on its way.

Since the company was unable to meet the requirement, it will enter a grace period.

The company said in a statement that it intends to seek an extension from Nasdaq to meet the $1-per-share threshold.

“If such extension is granted, compliance of the minimum $1 stock share threshold requirement may be extended for a further 180 days until approximately September 6,” the company said.

The company has no plans at the current time to effect a reverse split. The Company has until March 6, 2023 to meet the Nasdaq minimum bid requirement of $1.00, said the Mullen Press Release as of January 25, 2023.

However, the company also stated the following:

“If the company still falls short of the minimum bid requirement, it will effect a reverse stock split at that time to maintain its Nasdaq listing compliance.”

Market News Published Daily

Market News Today - MULN stock news today.
Market News Today – MULN Stock News Today.

For stock market, business news and updates, join the newsletter to receive weekly market news and notifications straight to your inbox.

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These 3 Signs Point Towards Naked Shorting in MULN

Naked Shorting MULN Stock
Market News Today: These signs point towards naked shorting in MULN stock.

Mullen Automotive (NASDAQ:MULN) stock has plummeted after rising earlier this year.

The stock fell to $0.21 on Monday and is currently down -32% this year-to-date after having surged to $0.44 in January and again in February.

MULN stock was given a price prediction of $24.15 earlier this year, up more than +7,000% from the then price of $0.32.

7 analysts from CNN Money said Mullen Automotive was a strong a buy yet the stock has fallen 34% in the past month alone.

Shareholders believe MULN has become a victim to naked short selling.

What is naked short selling?

Naked shorting is the illegal practice of short selling shares that have not been affirmatively determined to exist, per Investopedia.

The predatorial practice allows short sellers to short a stock without there actually being any stock available to short.

The SEC approved the use of naked short selling on IPOs in 2015 although it was deemed an illegal practice in 2010.

In this article we’re going over 3 big signs that point towards naked shorting in MULN.

Be sure to share this article with the community to raise awareness.

#1. Call Options Overweigh Number of Puts

The number of call options on Mullen Automotive continue to outweigh the number of put options.

Although volume has dropped recently, call options are still leading the derivatives market.

MULN call options vs put options – Franknez.com.

Even when MULN stock had hundreds of thousands of call option orders, the stock price was being suppressed despite very little put option volume.

Usually when the demand of a stock isn’t reflecting intraday, we can conclude that either heavy dark pool trading or naked shorting is taking place.

This is a big problem we’ve seen with other stocks such as AMC Entertainment for example.

Mullen Automotive stock has patterns that suggest suppression may be keeping share prices from rising.

#2. MULN Stock FTDs

Another clear indication of naked shorting in a company can be traced back to the number of FTDs out in the market.

FTDs, or Failure-to-deliver occurs when one party in a trading contract (whether it’s shares, futures, or options) fails to deliver on their obligations.

These failures derive due to buyers not having enough money to take delivery and pay for the transaction at settlement.

In the case of sellers, it means not having the goods to meet that transaction.

Failure-to-deliver can occur in options trading or when selling short naked, per Investopedia.

By the end of January, Mullen Automotive had more than 15 million FTDs amounting to more than $5 million, per Stocksera.

MULN stock FTDs
MULN naked shorting – MULN naked short selling – FTDs via Stocksera.

Naked shorting could be occurring in both shares and options contracts.

#3. Short Ladder Attacks

Shor ladder attacks are a way of trading back and forth between parties with the mission to drive shares lower.

It’s a loophole that isn’t necessarily deemed illegal but could be combined with the illegal tactic of ‘spoofing’.

Spoofing occurs when orders flood the market to change the direction of a stock but get cancelled right before they execute.

Signs pointing to naked shorting in MULN stock.

This form of naked shorting influences the market through the use of fake shares or ‘fake orders’ that don’t necessarily exist.

A perfect example of a short ladder attack can be seen in the image above where price chops upwards but ultimately drops lower and lower like a ‘ladder’.

This is manipulation of the stock from rising.

Related: Investors Say CEOs Should Fight Naked Short Selling Like GNS

Do You Think Naked Shorting in MULN is Happening?

Market News Today
Market News Today: These signs point towards naked shorting in MULN stock | Mullen Naked Shorting.

Leave your thoughts in the comment section below.

For more stock market, business news and updates, join the newsletter to receive weekly market news and notifications straight to your inbox.

Franknez.com is the media site that keeps retail investors informed.

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