The approval of the 2024 Mullen THREE by the California Air Resources Board for the Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project is a significant regulatory milestone for Mullen Automotive. This approval not only validates the company's technology and product but also potentially increases its marketability and sales in California, a key market for electric vehicles. The positive market reaction, reflected in the stock's uptick, is likely due to investor optimism about the company's future sales and growth prospects following this approval.