EV Maker Mullen Debuts Ultra-High-Performance FIVE RS Demonstrator
Portfolio Pulse from Shivani Kumaresan
Mullen Automotive (NASDAQ:MULN) has debuted the ultra-high-performance Mullen FIVE RS EV Crossover, which has a top speed of 200 mph and acceleration from 0-60 mph in under 2 seconds. The vehicle will be featured on the upcoming Strikingly Different EV tour. Mullen also implemented a 1-for-9 reverse stock split to regain compliance with Nasdaq's $1.00 minimum bid price requirement. MULN shares are currently trading lower by 2.2%.
August 16, 2023 | 7:12 pm
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NEGATIVE IMPACT
Mullen Automotive has debuted a new high-performance EV and implemented a reverse stock split to regain Nasdaq compliance. However, its shares are trading lower.
The debut of the new EV could potentially attract investors due to the growing interest in the EV market. However, the reverse stock split indicates that the company has been struggling to maintain its share price, which could be a red flag for potential investors. The current decrease in share price suggests that the market has reacted negatively to the news.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100