Vanguard Buys Whopping 36.8 Million New Shares of MULN

Market News Daily - Vanguard Buys Whopping 36.8 Million New Shares of MULN.
Market News Daily – Vanguard Buys Whopping 36.8 Million New Shares of MULN.

Vanguard has purchased a whopping 36.8 million new shares of Mullen Automotive (NASDAQ:MULN) stock according to the latest report.

“According to the latest forms filed with the SEC, Vanguard, one of the world’s leading investment management companies, has significantly boosted its position in Mullen by 36,829,742 shares to its existing 45,673,616 in Q1, representing a 80% increase”, says EV-Edition.

“With this move, Vanguard now reports holding a total of 82,503,358 shares in Mullen.”

Note: These numbers are from pre-split, as indicated share increase was initially from affected date: 2023-03-31, reported 2023-07-14.

Mullen Automotive currently has 193 institutional owners and shareholders that have filed 13D/G or 13F forms with the Securities Exchange Commission (SEC).

These institutions hold a total of 252,606,650 shares according to the latest records provided by Fintel.

The largest shareholders include Vanguard Group Inc, BlackRock Inc., VTSMX – Vanguard Total Stock Market Index Fund Investor Shares, Geode Capital Management, Llc, IWM – iShares Russell 2000 ETF, VEXMX – Vanguard Extended Market Index Fund Investor Shares, State Street Corp, Northern Trust Corp, FSSNX – Fidelity Small Cap Index Fund, and IWO – iShares Russell 2000 Growth ETF.

Fintel’s report shows several companies have sold their positions in MULN stock recorded for the month of July with Vanguard being one of the biggest institutions to come in and buy shares instead.

Fidelity has been another buyer in recent months.

MULN shares are down more than -98% this year-to-date and more than -99% in the past year despite several positive developments.

Here is the latest Mullen Automotive news.

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Mullen Announces a $321K Purchase Order in New Update

Market News Daily - Vanguard Buys Whopping 36.8 Million New Shares of MULN.
Market News Daily – Vanguard Buys Whopping 36.8 Million New Shares of MULN.

Mullen Automotive (NASDAQ:MULN) announced on Monday that it has received a $321K purchase order for 30 Mullen-GO EVs.

Shares of the company rose more than +2% Monday morning.

These vehicles are scheduled to deliver to New Gate Motor Group in Ireland.

New Gate is one of Ireland’s most recognized dealership groups and is also the marketing, sales, distribution, and servicing agent for the Mullen-GO in Ireland and the United Kingdom.

The 30-unit order of the Mullen-GO represents the first sale of vehicles for delivery outside of the U.S. and into the European market.

The estimated value of the booked order is $321K and is expected to be reflected in Mullen’s current fiscal quarter reporting.

Mullen and Newgate have previously announced plans for up to 500 vehicles per year.

In late June, Mullen Automotive announced its first-ever recorded revenue of the year after it sold 22 Class 1 EV cargo vans to Randy Marion Automotive Group valued at $308,000.

“These shipments are significant as they represent the first revenue recorded on our financial statement, reflected on the June 30, 2023, 10-Q,” said David Michery, CEO and chairman of Mullen Automotive, Inc.

With the sale of its Mullen-GO EVs, the company is now recording two transactions as official revenue this year.

“Newgate has generated great interest on the Mullen-GO to-date, and we are excited to kick off sales in Europe with them,” said David Michery, CEO and chairman of Mullen Automotive.

“As I have stated previously, the Mullen-GO is a great alternative vehicle for commercial delivery in dense metro European cities.

The small size is perfect on tight Euro streets and the zero emissions and lower cost of ownership is a great combination for potential commercial customers.”

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Market News Today - Vanguard Buys Whopping 36.8 Million New Shares of MULN.
Market News Today – Vanguard Buys Whopping 36.8 Million New Shares of MULN.

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