What's Going On With Mullen Automotive Shares Today?
Portfolio Pulse from Nabaparna Bhattacharya
Mullen Automotive, Inc. (NASDAQ:MULN) shares are trading lower despite the company announcing the delivery of 50 additional Class 1 EV cargo vans to Randy Marion Automotive Group, invoiced for $1.681 million. This follows a previous delivery of 50 vans for $1.680 million, totaling 100 vans delivered for $3.36 million. Mullen aims to deliver 285 Class 1 vehicles by January 8, 2024, and is ramping up production for 2024 demands. The company also completed the development of its solid-state polymer cell to pack integration for the vans and plans to begin road testing in early 2024. Additionally, Mullen announced a 1-for-100 reverse stock split effective December 21, 2023. MULN shares are down 8.05% to $13.14.
January 02, 2024 | 3:41 pm
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Mullen Automotive's stock is trading lower despite positive delivery news and progress on production goals for 2024. The company also announced a reverse stock split.
The stock is trading lower despite the positive news of additional deliveries and progress on production, which could be due to market reactions to the reverse stock split or other external factors not mentioned in the article. The reverse stock split could be perceived negatively by investors as it often indicates an attempt to boost the stock price artificially.
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IMPORTANCE 75
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