Mullen Provides Update On Stock Buyback Program With An Additional Repurchase Of 2M In Shares Of Its Common Stock. The Buyback Program Started On Aug. 16, 2023, And Can Continue Through Dec. 31, 2023.
Portfolio Pulse from Happy Mohamed
Mullen Automotive Inc. (NASDAQ:MULN) has announced an update on its stock buyback program, with an additional repurchase of 2 million shares of its common stock. The program, which started on Aug. 16, 2023, can continue through Dec. 31, 2023. So far, the company has repurchased $5,610,600 in shares, including the new purchases. The company's Board of Directors authorized the buyback program, which allows for the purchase of up to $25 million in shares until the end of 2023.
August 29, 2023 | 7:05 pm
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Mullen Automotive's stock buyback program, which has seen an additional 2 million shares repurchased, could potentially increase the stock's price in the short term due to the reduction in supply.
Stock buybacks often lead to a rise in the stock's price as they reduce the number of shares available in the market, thereby increasing the earnings per share. This could make the stock more attractive to investors, potentially leading to an increase in demand and a rise in the stock's price.
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