Mullen Automotive shares are trading lower after the company announced that it filed a preliminary proxy statement to the SEC to hold a stockholders' meeting to effect a reverse stock split.
Portfolio Pulse from Benzinga Newsdesk
Mullen Automotive has filed a preliminary proxy statement with the SEC to hold a stockholders' meeting to effect a reverse stock split. This has resulted in the company's shares trading lower.
October 19, 2023 | 4:04 pm
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Mullen Automotive's shares are trading lower following the announcement of a planned reverse stock split.
Reverse stock splits often lead to a decrease in share price as they can be perceived as a negative event by the market. This is because they are often used by companies to avoid delisting when their share price is too low. In this case, Mullen Automotive's announcement of a planned reverse stock split has led to a decrease in its share price.
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IMPORTANCE 80
RELEVANCE 100