What's Going On With Mullen Automotive Stock Today?
Portfolio Pulse from Erica Kollmann
Mullen Automotive, Inc. (NASDAQ:MULN) announced a 1-for-9 reverse stock split and a stock buyback program for the repurchase of up to $25 million in shares. The company's CEO, David Michery, stated that the stock buyback program reflects confidence in their business. MULN shares are moving on above-average trading volume, with more than 120 million shares traded in the session.
August 08, 2023 | 2:24 pm
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POSITIVE IMPACT
Mullen Automotive's announcement of a reverse stock split and a stock buyback program may increase investor confidence, potentially impacting the stock's price.
The announcement of a reverse stock split and a stock buyback program indicates the company's confidence in its business. This could attract more investors, leading to an increase in demand for the stock and potentially driving up its price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100