What's Going On With Mullen Automotive Stock Today?
Portfolio Pulse from Nabaparna Bhattacharya
Mullen Automotive, Inc. (NASDAQ:MULN) shares dropped approximately 23% after a 1-for-100 reverse stock split aimed at maintaining Nasdaq listing compliance. The company also announced the production of the 100th Mullen THREE electric truck, with a total of 125 completed as of December 22, 2023. Mullen delivered 38 Class 3 Vehicles to Randy Marion Automotive Group, aligning with existing purchase orders. Speculation arises about a potential capital raise in 2024.
December 22, 2023 | 6:08 pm
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Mullen Automotive's stock fell sharply due to a reverse stock split and speculation about a future capital raise. The company also reported progress in electric truck production.
The reverse stock split is often viewed negatively by the market as it can signal that a company is struggling to meet listing requirements. The drop in MULN's stock price reflects this sentiment. However, the production milestone could be a positive sign for the company's operational progress. The speculation about a potential capital raise in 2024 may also create uncertainty among investors, potentially affecting the stock price negatively in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100