Mullen Automotive Receives Delisting Determination From Nasdaq Staff For Failure To Maintain Minimum $1.00 Bid Requirement
Portfolio Pulse from Happy Mohamed
Mullen Automotive Inc. (NASDAQ:MULN), an emerging electric vehicle manufacturer, has received a delisting determination from Nasdaq for failing to maintain a minimum bid price of $1.00. The company has requested a hearing before the Nasdaq Listing Qualifications Panel to seek an extension of time and present its plan to regain compliance.
September 07, 2023 | 12:09 pm
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Mullen Automotive's failure to maintain a minimum bid price of $1.00 has led to a delisting determination from Nasdaq. The company has requested a hearing to seek an extension and present its compliance plan.
The news of a potential delisting from Nasdaq is a significant negative development for Mullen Automotive. Delisting can lead to a decrease in the liquidity of a company's shares, making it harder for investors to buy or sell shares. This can lead to a decrease in the company's share price. The company's request for a hearing to seek an extension and present its compliance plan indicates that it is taking steps to address the issue, but there is no guarantee that the extension will be granted.
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