Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, announced that it received approval from NASDAQ of its 180-day extension request to meet the exchange’s $1 minimum bid price requirement. According to the announcement, Mullen received notice in September 2022 that its listed common stock no longer met NASDAQ’s minimum $1 bid price per share requirement. The company was given 180 calendar days, or until March 6, 2023, to regain compliance. The announcement also noted that if Mullen stock fails to trade above $1 for a minimum of 10 consecutive business days prior to Sept. 5, 2023, the company will implement a reverse stock split to cure the deficiency prior to the expiration of the additional 180-day compliance period. “Consistent with my message to our shareholders, we will use our best efforts to regain compliance to meet NASDAQ’s requirement for a $1 minimum bid price,” said Mullen Automotive CEO and chair David Michery.
To view the full press release, visit https://ibn.fm/Xoqzi
About Mullen Automotive Inc.
Mullen Automotive is a southern California-based automotive company building the next generation of premium electric vehicles (“EVs”) that are affordable and built entirely in the United States. With an end-to-end ecosystem that supports owners from test driving to financing and servicing through a unique hybrid dealership model, customers are supported through every aspect of EV ownership. Mullen’s EV development portfolio includes the Mullen FIVE EV Crossover, Mullen Commercial Class 1-6 EVs and Bollinger Motors, which features both the B1 and B2 electric SUV trucks and commercial offerings. The Mullen FIVE, the company’s first electric crossover, is slated for deliver in 2024 and features an award-winning design and patented PERSONA technology that utilizes facial recognition to personalize the driving experience for every individual. On Sept. 7, 2022, Bollinger Motors became a majority-owned EV truck company of Mullen Automotive, and on Dec. 1, 2022, Mullen closed on the acquisition of all Electric Last Mile Solutions’ (“ELMS”) assets, including IP and a 650,000-square-foot plant in Mishawaka, Indiana. To learn more about the company, visit www.MullenUSA.com.
NOTE TO INVESTORS: The latest news and updates relating to MULN are available in the company’s newsroom at https://ibn.fm/MULN
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