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Why is Mullen Automotive Inc (MULN) Stock down?
Mullen Automotive Inc (MULN) stock dropped by 30.95% due to an announcement made by the company regarding the delivery of additional Class 3 vehicles to Randy Marion Automotive Group (RMA).
- Delivery of Class 3 Vehicles: Mullen Automotive announced the delivery of 38 additional Class 3 vehicles to Randy Marion Automotive Group (RMA) and invoiced RMA for $2.5 million. RMA had previously committed to purchasing 1,000 Class 3 vehicles from Mullen for a total of $63 million, with most of the vehicles to be delivered in the calendar year 2024.
- Production and Demand: Class 3 production at Mullen's Tunica, Mississippi, facility was planned for 150 vehicles in 2023, with the total capacity for Class 3 vehicles expected to reach 3,000 vehicles annually per shift. Investor reaction to this announcement contributed to the significant drop in MULN's stock price on that day.
Mullen Automotive Inc (MULN) stock dropped by 19.25% due to investors awaiting the outcome of a shareholder vote on a proposed reverse stock split. This reverse stock split is considered a crucial step that could help the company maintain its Nasdaq listing. The market's reaction to the uncertainty surrounding this shareholder vote has impacted MULN's stock significantly.
Mullen Automotive Stock (MULN) dropped by 22.29% due to the plan for stock split. Mullen filed a proxy statement detailing its next special meeting of stockholders on Dec. 15. The filing contains two proposals, of which the first is a reverse stock split in a ratio between 1-for-2 and 1-for-100. The second proposal seeks to adjourn the meeting if Proposal 1 does not receive enough shareholder votes to get approved.
The stock of EV startup Mullen Automotive dropped 5.64% from $0.4502 to $0.4248 following a delisting determination sent by the Nasdaq Stock Market for failure to maintain a minimum bid price of $1.
https://finance.yahoo.com/news/mullen-automotive-receives-delisting-determination-120000448.html
Mullen Automotive (MULN) stocks declined 12.20% from $0.5270 to $0.4625 after CEO of the company appeared on ‘Making Money with Charles Payne’ on Fox Business to discuss lawsuit against large brokerage firms for unlawful trading practices of the Company’s stock and other matters.
https://finance.yahoo.com/news/mullen-automotive-ceo-responds-fox-133000168.html
Shares of Mullen Automotive (MULN) down 6.58% from $0.5641 to $0.5270 after the company announced to file a lawsuit in the United States District Court against TD Ameritrade, Charles Schwab, National Finance Services and others alleging that these broker dealers engaged in a scheme to manipulate the share price of the company's securities.
https://finance.yahoo.com/news/mullen-automotive-files-lawsuit-against-050054931.html
Mullen Atutomitive's (MULN) stocks continued to fall lower by 19.52% after the electric vehicle company was removed from the Russell 2000 Index. Then, MULN shares now makes new 52-week lows and is down by more than 95% this year.
https://investorplace.com/2023/06/muln-stock-keeps-falling-after-russell-gave-mullen-the-boot/
MULN's stock fell 16.71% related to its annual meeting of stockholders. The company sought to discuss a reserve stock split proposal. Investors are disappointed with the notice, losing confidence in the once-hot EV trade, sending shares down.
MULN's stock fell 8.29% has likely been caused by another round of dilution. On Monday, Mullen filed with the Securities & Exchange Commission (SEC) about a recent issuance of common stock and warrants to Acuitas Capital.
MULN's stock fell 11.20% after the company filed a Form 8-K, or current update report. The 8-K disclosed that Mullen’s reception of $45 million in connection with an existing securities purchase agreement (SPA) would be pushed back from May 15 to June 12. The company had previously agreed to issue Series D preferred stock and warrants in exchange for the capital. Mullen did not provide a reason for the delay, other than that Mullen and each of the buyers in the SPA had agreed to delay the issuance of Series D preferred stock and warrants until Mullen receives the $45 million.
https://investorplace.com/2023/05/dear-muln-stock-fans-mark-your-calendars-for-june-12/
MULN's stock fell 10.08% due to its long-anticipated 10-Q report. In three months, the electric vehicle startup produced zero revenue, burned through $67.5 million of operating cash, and diluted shareholders by another 60%. Shares would fall 5%. As Mullen continues to exhaust its financial options, its latest 10-Q report hints at how close to bankruptcy the electric vehicle startup has gotten.
https://www.nasdaq.com/articles/muln-stock%3A-mullens-10-q-reveals-how-close-bankruptcy-might-be
The stock of MULN has declined due to doubts surrounding the partnership with Global EV Technology and Mullen, as well as concerns about the validity of a $15.75 million agreement with MGT Lease Company for Class 3 electric trucks.
https://investorplace.com/2023/05/mullen-muln-stock-just-set-a-new-52-week-low/
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