What's Going On With Mullen Automotive Stock Friday?
Portfolio Pulse from Erica Kollmann
Mullen Automotive, Inc. (NASDAQ:MULN) shares are volatile after the company effected a 1-for-9 reverse stock split to comply with the $1.00 minimum bid price Nasdaq requirement. The stock began trading on a split-adjusted basis and is currently up by 1.77% at $1.04. The trading volume is heavy with more than 31.5 million shares traded, compared to the 100-day average of 28.739 million shares.
August 11, 2023 | 3:23 pm
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Mullen Automotive's stock is volatile after a 1-for-9 reverse stock split. The stock is currently up by 1.77% at $1.04 with heavy trading volume.
The reverse stock split was intended to bring Mullen Automotive into compliance with the $1.00 minimum bid price Nasdaq requirement. This has resulted in increased trading volume and volatility in the stock's price. The stock is currently trading up, indicating a positive short-term impact.
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