Mullen Announces A 1-For-9 Reverse Split; Company Also Intends To Begin Repurchasing Up To $25M In Shares Through A Stock Buyback Program
Portfolio Pulse from Happy Mohamed
Mullen Automotive (NASDAQ:MULN) has announced a 1 for 9 reverse split and plans to repurchase up to $25 million in shares through a stock buyback program after the filing of its 10-Q and upon expiration of its blackout period. The company believes it is undervalued and sees the buyback as a good use of capital.
August 08, 2023 | 1:05 pm
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POSITIVE IMPACT
Mullen Automotive's announcement of a reverse split and stock buyback program could potentially increase the stock's value in the short term.
The reverse split will reduce the number of shares outstanding, which could increase the stock's price. The stock buyback program could also increase the stock's price as it reduces the supply of shares in the market and shows the company's confidence in its own stock.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 100