What's Going On With Mullen Automotive Stock?
Portfolio Pulse from Erica Kollmann
Mullen Automotive, Inc. (NASDAQ:MULN) has seen its stock rise over 55% in the last five days, following several positive developments. The company announced the delivery of 63 Class 3 vehicles to Randy Marion Automotive Group, invoiced at $3.969 million, and the delivery of 50 all-electric Mullen One, Class 1 cargo vans, invoiced at $1.68 million. Mullen Automotive is on track to deliver 150 Mullen Threes by year-end and anticipates shipping 285 Mullen One cargo vans within the next five business days. Additionally, the company has completed the development of its solid-state polymer cell to pack integration for Mullen One Class 1 EV cargo vans, with pack level testing beginning on Dec. 28. A 1-for-100 reverse stock split was executed on Dec. 21.
December 28, 2023 | 3:57 pm
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POSITIVE IMPACT
Mullen Automotive's stock has risen significantly after announcing vehicle deliveries and progress in battery technology, along with a recent reverse stock split.
The positive news about vehicle deliveries and technological advancements in battery technology are likely to instill investor confidence and drive demand for MULN shares in the short term. The recent reverse stock split may also contribute to a perceived increase in stock value, although it does not change the company's fundamentals.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100