What's Going On With Mullen Automotive Stock Monday?
Portfolio Pulse from Lekha Gupta
Mullen Automotive's stock is down 11.8% after announcing $10 million in non-dilutive debt financing from Robert Bollinger to support Bollinger Motors' production. The company also established Mullen Credit Corporation and plans a 20% workforce reduction.
October 28, 2024 | 4:10 pm
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Mullen Automotive's stock fell 11.8% following the announcement of $10 million in non-dilutive debt financing from Robert Bollinger to support Bollinger Motors' production. The company is also cutting its workforce by 20% and establishing Mullen Credit Corporation.
The stock price drop is likely due to investor concerns over the company's financial health and strategic changes, including workforce reduction and the elimination of the Mullen FIVE program. The $10 million financing is positive but may not offset these concerns.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100