The first Mullen (NASDAQ:MULN) vehicles have now rolled off the assembly line at its Tunica, Mississippi-based facility, the company announced on Monday.
“We have been true to our commercial Class 3 vehicle production commitments and have now achieved a significant milestone with the first trucks rolling off the line,” said David Michery, CEO and chairman of Mullen Automotive, Inc.
“Mullen will be gradually ramping up production rate through the balance of this calendar year.
Once full acceleration has been achieved, Class 3 production capacity at the Tunica facility is currently planned at 3,000 vehicles annually per shift.
As electric vehicle adoption rates increase, Mullen plans to add a second shift for Class 3 production, which will increase capacity to 6,000 total vehicles per year.
During the ramp up in volume of the Mullen THREE, the production testing and launch of the Mullen ONE, Class 1 EV Cargo Van will also take place in Tunica, achieving deliveries on customer orders for both commercial Class 1 and Class 3 vehicles by year end,” the company said.
To date, the Company has received $79 million in purchase orders for the Mullen THREE, Class 3 EV trucks from Randy Marion Automotive Group and MGT Lease Company.
Mullen’s Tunica commercial manufacturing center includes over 120,000 square feet and is situated on over 100 acres.
The facility is focused on production of Class 1 and Class 3 commercial EV vehicles and is in close proximity to all major rail lines, interstates, Mississippi river systems, and air logistics, placing it in a primary logistical center of North America.
The Mullen THREE, with a MSRP starting at $68,500, qualifies for $7,500 in federal tax incentives, is an efficient Class 3 low cab forward EV truck featuring an 11,000 Gross Vehicle Weight Rating, a tight turning diameter of 38 feet, and excellent visibility for superior maneuverability on narrow city streets.
This versatile chassis provides a clean top-of-rail for easy upfitting with bodies up to 14 feet long and over 5,800 pounds of payload.
Latest Mullen Automotive News
Mullen Automotive announced last Thursday the start of its new $25 million stock buyback program, which first made headlines in early July.
David Michery, CEO and chairman of Mullen also purchased 102,040 shares in the open market on Wednesday, August 16, 2023, at a price of $0.9842 per share.
“The Company is committed to taking all available measures to regain compliance with the NASDAQ minimum $1.00 bid price requirement,” reads the press release.
The Company was noticed by Nasdaq on March 7, 2023, which stated in part that “If compliance cannot be demonstrated by September 5, 2023, Staff will provide written notification that the Company’s securities will be delisted.
At that time, the Company may appeal Staff’s determination to a Hearings Panel.”
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: (1) margin of compliance (the amount by which the bid price is above the $1.00 minimum standard); (2) trading volume (a lack of trading volume may indicate a lack of bona fide market interest in the security at the posted bid price); (3) the Market Maker montage (the number of Market Makers quoting at or above $1.00 and the size of their quotes); and, (4) the trend of the stock price (is it up or down).”
“We believe that our stock is undervalued.
The Company has begun production of our Class 3 EV with deliveries pending to customers and a strong balance sheet allowing us to execute on our business plan,” said David Michery, CEO and chairman of Mullen.
Also Read: Mullen CEO Speaks on New Reverse Split and Short Sellers
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