What's Going On With Mullen Automotive Shares Friday?
Portfolio Pulse from Dylan Berman
Mullen Automotive (NASDAQ:MULN) announced a 1-for-100 reverse stock split to meet the $1 minimum bid price requirement. The split will take effect on September 17. Despite this move, the stock is down 21.7% to 13 cents.
September 13, 2024 | 5:26 pm
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Mullen Automotive is implementing a 1-for-100 reverse stock split to comply with NASDAQ's $1 minimum bid price requirement. The stock is currently down 21.7% to 13 cents.
The reverse stock split is a significant corporate action aimed at meeting NASDAQ's listing requirements. However, the immediate market reaction is negative, with shares dropping 21.7%. This suggests investor concern about the company's ability to maintain the required price level post-split.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100