Mullen Ramps Up, Delivers 63 Electric Trucks Worth $3.97M To Randy Marion
Portfolio Pulse from Nabaparna Bhattacharya
Mullen Automotive, Inc. (NASDAQ:MULN) delivered 63 additional Class 3 electric trucks to Randy Marion Automotive Group for $3.97 million, bringing the total delivered to 121 for $7.62 million. Mullen aims to deliver 150 Mullen THREEs by end of 2023, with Randy Marion committed to purchasing 1,000 vehicles for $63 million, mostly in 2024. Mullen also announced a 1-for-100 reverse stock split to comply with Nasdaq's $1.00 minimum bid price requirement. MULN shares dropped by 2.87% to $9.56.
December 26, 2023 | 4:21 pm
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NEUTRAL IMPACT
Mullen Automotive has successfully delivered a significant order of electric trucks to Randy Marion, indicating progress in its production and sales goals. The company also executed a reverse stock split to maintain Nasdaq listing compliance.
The delivery of trucks shows operational progress and revenue generation, which is positive. However, the reverse stock split and the current stock price drop indicate potential concerns about the company's market value and compliance with Nasdaq listing requirements. The mixed nature of the news leads to a neutral short-term impact score.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 100