What's Going On With Mullen Automotive Stock?
Portfolio Pulse from Erica Kollmann
Mullen Automotive, Inc. (NASDAQ:MULN) has filed a preliminary proxy statement to the SEC for a special stockholders' meeting to effect a reverse stock split. The purpose of the reverse stock split is to regain compliance with the Nasdaq minimum bid price listing rule. Shares of MULN are down on heavy trading volume following the announcement.
October 19, 2023 | 4:05 pm
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Mullen Automotive's shares are trading lower following the announcement of a potential reverse stock split. The company aims to regain compliance with the Nasdaq minimum bid price listing rule.
The announcement of a reverse stock split usually indicates a company's struggle to maintain its stock price, which can negatively impact investor sentiment. This is likely the reason for the drop in MULN's share price.
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