What's Going On With EV-Maker Mullen Automotive's Stock?
Portfolio Pulse from Erica Kollmann
Mullen Automotive's stock continues to decline despite updates from CEO David Michery. The company executed a 1-for-100 reverse stock split to comply with Nasdaq's minimum bid price rule, but shares have fallen nearly 50% since. Heavy trading volume is noted.
September 24, 2024 | 6:01 pm
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Mullen Automotive's stock is under pressure, falling nearly 50% since a 1-for-100 reverse stock split aimed at Nasdaq compliance. CEO remains optimistic despite challenges.
The reverse stock split was intended to help Mullen comply with Nasdaq's minimum bid price rule, but the stock has continued to decline significantly, indicating negative market sentiment. The heavy trading volume suggests strong investor interest, but the price action is negative.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100