Mullen Automotive Files Preliminary Proxy Statement To The SEC To Hold A Stockholders Meeting On Dec 15, To Effect A Reverse Stock Split Of The Company's Common Stock At An Exchange Ratio Between 1-For-2 To 1-For-100
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Mullen Automotive Inc. (MULN) has filed a preliminary proxy statement with the SEC for a special stockholders' meeting on Dec 15, 2023, to authorize a reverse stock split of the company's common stock at an exchange ratio between 1-for-2 to 1-for-100. The primary focus will be to maintain a continued price of at least $1.00 per share on The Nasdaq Capital Market. The reverse stock split will only be implemented if necessary to regain compliance with Nasdaq Listing Rule 5550(a)(2).
October 19, 2023 | 12:33 pm
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NEUTRAL IMPACT
Mullen Automotive's proposed reverse stock split could help the company maintain a minimum share price of $1.00 and comply with Nasdaq rules. However, the final decision will depend on stockholder approval and market conditions.
The news of a potential reverse stock split is directly related to Mullen Automotive's stock price and its compliance with Nasdaq rules. The final decision will depend on stockholder approval and market conditions, which introduces uncertainty. Therefore, the short-term impact on the stock price is neutral.
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IMPORTANCE 80
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