Mullen Automotive shares are trading higher amid increased volatility following the company's 1-for-100 reverse split, effected today, and after the company announced 38 additional Class 3 vehicles have been delivered to Randy Marion Automotive Group with the company invoicing RMA for $2.5 million.
Portfolio Pulse from Benzinga Newsdesk
Mullen Automotive's stock (MULN) is experiencing heightened volatility after the company executed a 1-for-100 reverse stock split. Additionally, Mullen announced the delivery of 38 Class 3 vehicles to Randy Marion Automotive Group, resulting in an invoice of $2.5 million to RMA.
December 21, 2023 | 7:10 pm
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Mullen Automotive's stock is likely to be influenced by the recent reverse stock split and the delivery of 38 vehicles to RMA, which could be perceived positively by investors.
Reverse stock splits often lead to increased volatility as the market adjusts to the new share price and structure. The delivery of vehicles and the resulting invoice could signal strong operational progress and revenue generation, which may be viewed favorably by investors in the short term.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 100