Why Mullen Automotive Stock Is Moving Higher
Portfolio Pulse from Adam Eckert
Mullen Automotive Inc (NASDAQ:MULN) shares are trading higher after the company announced the retention of a law group to investigate possible naked short selling and a buyback of up to $25 million worth of its common stock. The company believes it may have been the target of a market manipulation scheme involving illegal naked short selling.
July 06, 2023 | 12:50 pm
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Mullen Automotive's stock is trading higher following the company's announcement of a legal investigation into potential market manipulation and a $25 million stock buyback.
The company's actions to investigate potential market manipulation and initiate a stock buyback program are likely to instill confidence in investors, leading to an increase in the stock's price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100