Streetbeat News

MULN

Mullen Automotive, Inc.

https://mullenusa.com

Industry

Auto - Manufacturers

Mullen Automotive, Inc., an electric vehicle company, manufactures and distributes electric vehicles. It also operates CarHub, a digital platform that leverages AI to offer an interactive solution for buying, selling, and owning a car; and provides battery technology and emergency point-of-care solutions. The company was founded in 2014 and is based in Brea, California.

Open

3.43

Mkt cap

22M

Volume

4.4M

High

3.43

P/E Ratio

N/A

52-wk high

2100.00

Low

2.50

Div yield

N/A

52-wk low

1.60

Mullen Automotive, Inc. has delivered 38 Class 3 electric vehicles to Randy Marion Automotive Group, invoicing them for $2.5 million. This delivery is part of a larger order of 1,000 vehicles valued at $63 million, with the majority to be delivered in 2024. Mullen's Tunica, Mississippi facility plans to produce 150 vehicles in 2023 and has an annual capacity of 3,000 vehicles per shift. The Mullen THREE offers significant cargo capacity and maneuverability, with strong demand for the all-electric lineup. Mullen began deliveries to Randy Marion in September 2023, and Randy Marion received a license to retail Mullen's commercial EVs in November 2023.

Portfolio Pulse from Benzinga Newsdesk

December 21, 2023 | 1:14 pm

Mullen Automotive, Inc. has received certification from the California Air Resources Board (CARB) for its all-electric Class 1 cargo van, the Mullen ONE, allowing it to be sold in all 15 CARB states and the District of Columbia. This follows a previous EPA certification, enabling nationwide sales. The CARB certification also makes the Mullen ONE eligible for state EV incentive programs, which is significant given CARB's Advanced Clean Truck regulation mandating zero-emission local delivery and government fleets by 2036.

Portfolio Pulse from Benzinga Newsdesk

December 20, 2023 | 2:07 pm

Mullen Automotive CEO David Michery addressed shareholders in an open letter regarding the recent reverse stock split. The split was approved at a shareholders meeting on Dec. 18, 2023, as a measure to comply with Nasdaq's minimum bid price requirement and avoid delisting. Michery acknowledged the difficulty of the decision, given past dilutive splits, and the need to raise capital in 2024. He emphasized the importance of remaining on a major exchange for financing and long-term value creation, despite some shareholders' opposition to the reverse split.

Portfolio Pulse from Benzinga Newsdesk

December 19, 2023 | 5:05 pm

Mullen Automotive Inc. (NASDAQ:MULN) announced a 1-for-100 reverse stock split effective December 21, 2023, to comply with Nasdaq's $1.00 minimum bid price requirement. The split will adjust outstanding equity awards, warrants, convertible notes, and preferred stock conversion prices. No fractional shares will be issued; they will be rounded up to the nearest whole share. The split aims to maintain Nasdaq listing but does not guarantee meeting the minimum bid price requirement.

Portfolio Pulse from Benzinga Newsdesk

December 19, 2023 | 4:49 pm

In Monday's after-market session, several consumer discretionary stocks experienced movement. Kaival Brands Innovations (KAVL), Nogin (NOGN), MGO Global (MGOL), Qurate Retail (QRTEA), E-Home Household Service (EJH), and Mullen Automotive (MULN) were gainers, with increases ranging from 3.47% to 6.2%. On the losing side, Visionary Education Tech (GV), Zapp Electric Vehicles (ZAPP), Color Star Tech (ADD), Connexa Sports Techs (CNXA), China Liberal Education (CLEU), and Baozun (BZUN) saw declines between 2.39% and 12.0%.

Portfolio Pulse from Benzinga Insights

December 18, 2023 | 9:31 pm

Mullen Automotive, Inc. has delivered its Class 3 EV low cab forward trucks, the Mullen THREE, to NRTC Automation Group in Birmingham, Alabama. The purchase order was announced on Aug. 28, 2023, with deliveries starting in Q4 2023. NRTC, which provides automation solutions for the automotive industry, will use the Mullen THREE in its vehicle fleet for shuttle runs in South Carolina. Mullen's commercial vehicle assembly is based in Tunica, Mississippi, and includes the Mullen ONE and Mullen THREE. The first deliveries of the Mullen THREE began on Sept. 28, 2023, to Randy Marion, which received its license to retail Mullen's commercial EVs on Nov. 16, 2023.

Portfolio Pulse from Benzinga Newsdesk

December 14, 2023 | 2:11 pm

Mullen Automotive has filed a complaint accusing UBS Securities, IMC Financial Markets, and Clear Street Markets of market manipulation to affect Mullen's share price. The complaint alleges spoofing, a practice where traders make deceptive bids or offers with the intent to cancel them before execution to manipulate stock prices.

Portfolio Pulse from Benzinga Newsdesk

December 08, 2023 | 11:35 am

Mullen Automotive, Inc. has filed a federal lawsuit against UBS Securities, IMC Financial Markets, and Clear Street Markets, alleging market manipulation through spoofing, which artificially deflated Mullen's stock prices. The complaint, filed in the Southern District of New York, claims this activity occurred between Nov. 9, 2021, and Nov. 9, 2023, and could result in damages in the billions. The lawsuit aims to protect shareholder equity and address the significant impact on Mullen's share price.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 7:06 pm

Mullen Automotive, Inc. (NASDAQ:MULN) shares dropped after a 30% rise on Monday. The decline follows the company's announcement of new deliveries of the All-Electric Class 3, Mullen Three, to Randy Marion Automotive Group, a major U.S. commercial fleet dealer. Despite the news, MULN shares are trading above their 50-day moving average and have a high short interest of 12.83%. The stock is currently down by 5% at 20 cents.

Portfolio Pulse from Erica Kollmann

December 05, 2023 | 3:29 pm

Mullen Automotive has delivered electric vehicles to Randy Marion Automotive Group for customer sales. The financial details of the transaction were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

December 04, 2023 | 8:04 pm

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