Will MULN stock finally get its big break after announcing new production and a buyback program this month?
MULN stock fell under $1 Friday morning after the company’s new reverse split was meant to regain compliance with Nasdaq.
Shares slightly rose above the $1 minimum bid on before pulling back more than -2% to continuously test the $1 level.
Will Mullen Automotive stock finally get its big break this time?
The company announced on Thursday the official commencing of production for its Mullen Class 3 EVs with first customer deliveries on track to begin in August and September.
Mullen says that it will be gradually ramping up production rate over the course of September through December.
“Once fully ramped, Class 3 production capacity at the Tunica facility is currently planned for 3,000 Class 3 vehicles per year.”
To date, the Company has received $79 million in purchase orders for 1,250 Mullen THREE Class 3 EV trucks from Randy Marion Automotive Group and MGT Lease Company.
“I am proud to announce that our Class 3 vehicle line is now in production mode at our Tunica facility.
Our team has been working seven days a week, day and night, getting this plant reconfigured and ready for Class 3 production,” said David Michery, CEO and chairman of Mullen Automotive in a statement.
An EV launch event is scheduled to be held on Aug. 24, 2023, to commemorate the first Class 3 vehicles rolling off the production line, ready for customer deliveries.
The launch event will be held at Mullen’s commercial assembly plant, located in Tunica, Mississippi, and will feature factory tours, company presentation, ride and drives and vehicle demonstrations.
Attendees will include select media, customers, dealers, vehicle upfitters, suppliers and local leadership.
And with a $25 million buyback program, it seems like Mullen Automotive is onto something; but is it enough to earn shareholder trust?
MULN Investor Sentiment
MULN investor sentiment has grown rather negative in the past month as the stock has once again had to split to meet Nasdaq’s $1 bid requirement.
Still, there are many MULN investors who are hopeful the company will deliver upon its promises and come out positive in the end.
“At this point, we’ve done the minimum reverse possible to try to regain compliance.
The rest will be in the retail, shareholders hands, if the stock stays above a buck or doesn’t.
At this point, we put our faith in the shareholders and retail traders.
All the good people need to rally against the individuals that are shorting the stock with malice intent, not to make money, but to cause delisting, that’s what they are doing,” said Mullen CEO David Michery in a message to a shareholder.
The CEO’s response left some shareholders despondent as the Wall Street target behind the company’s back is something outside investor’s control.
Investors want to see big buying come in from executives and real-world results that prove the company is advancing in its competitive market.
Only then will Mullen Automotive have a chance at finally catching its big break.
Today, the stock is down more than -87% this year-to-date and more than -95% in the past year.
Also Read: Mullen Has Now Been Investigating Naked Short Selling Since April
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