Mullen Earlier Announced Moratorium On New Financings For Balance of 2023; Company Has Sufficient Capital For At Least The next 12-Months; Assets Are Free And Clear With The Exception Of $7.3M Outstanding Debt
Portfolio Pulse from Happy Mohamed
Mullen Automotive (NASDAQ:MULN) announces a financing moratorium for the rest of 2023, stating it has sufficient capital for at least the next 12 months. The company's assets are unencumbered, except for $7.3M in outstanding debt. Mullen's stock has declined over 95% since March 31, 2023.
June 21, 2023 | 12:59 pm
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NEUTRAL IMPACT
Mullen Automotive has announced a financing moratorium for 2023 and has sufficient capital for the next 12 months. The company's stock has declined over 95% since March 31, 2023.
Mullen Automotive's announcement of a financing moratorium and sufficient capital for the next 12 months may provide some stability for the company. However, the stock has declined over 95% since March 31, 2023, which indicates that investors may still be cautious about the company's prospects. The impact on the stock price in the short term is uncertain, as the news may be seen as both positive (sufficient capital) and negative (stock decline).
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100