Mullen Automotive Announces 1-For-100 Reverse Stock Split Effective Sept. 17, 2024
Portfolio Pulse from Benzinga Newsdesk
Mullen Automotive Inc. (NASDAQ:MULN) announced a 1-for-100 reverse stock split effective September 17, 2024, to comply with Nasdaq's $1.00 minimum bid price requirement. The stock will trade under the same symbol, MULN, with a new CUSIP number.
September 13, 2024 | 3:56 pm
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Mullen Automotive is implementing a 1-for-100 reverse stock split to meet Nasdaq's $1.00 minimum bid price requirement. This move is crucial for maintaining its listing, but there's no guarantee it will meet the requirement.
The reverse stock split is a strategic move to increase the stock price and comply with Nasdaq's listing requirements. However, reverse splits can sometimes be perceived negatively by investors, as they may indicate financial instability. The impact on the stock price is uncertain, hence a neutral score.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100