What's Happening With Mullen Automotive Stock After Reverse Split?
Portfolio Pulse from Erica Kollmann
Mullen Automotive (NASDAQ:MULN) shares have dropped nearly 50% in the past five days following a 1-for-100 reverse stock split to meet Nasdaq's minimum bid requirements. The stock has lost 99.83% year to date, with an RSI of 19.21 indicating oversold conditions. Bollinger Motors, a Mullen subsidiary, announced the 2025 Bollinger B4 Chassis Cab electric truck with a MSRP of $158,758, eligible for significant incentives.
September 18, 2024 | 2:28 pm
News sentiment analysis
Sort by:
Descending
NEGATIVE IMPACT
Mullen Automotive's stock has plummeted nearly 50% after a 1-for-100 reverse stock split aimed at meeting Nasdaq's bid requirements. The stock is down 99.83% year to date, with an RSI of 19.21 indicating oversold conditions. Bollinger Motors, a subsidiary, announced a new electric truck model.
The reverse stock split and subsequent share price drop indicate negative sentiment and potential instability. The RSI suggests the stock is oversold, which might attract some investors, but the overall trend is negative. The new product announcement by Bollinger Motors is a positive development but overshadowed by the stock's performance.
CONFIDENCE 100
IMPORTANCE 90
RELEVANCE 100