Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, has reported that its stock has traded above NASDAQ’s $1 minimum bid price requirement for 10 consecutive days, a key guideline to meet NASDAQ trading requirements. In September 2022, the company was notified by NASDAQ that its common stock no longer met the minimum $1 bid price per share requirement. Consequently, the company was given 180 calendar days to regain compliance; that deadline was extended another 180 days earlier this year. In an effort to meet the requirement, Mullen implemented a reverse stock split, effective May 4, 2023. As a result, Mullen’s common stock has traded above $1 for 10 consecutive business days. The company anticipates receiving confirmation from NASDAQ that the listing requirements have been met.
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About Mullen Automotive Inc.
Mullen Automotive is a Southern California-based automotive company building the next generation of electric vehicles (“EVs”) that will be manufactured in two company-owned, United States-based assembly plants. Mullen’s EV development portfolio includes the Mullen FIVE EV Crossover; Mullen commercial class 1 and 3 EVs; and Bollinger Motors, which features both the B1 and B2 electric SUV trucks and class 4–6 commercial offerings. 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 of Electric Last Mile Solutions’ (“ELMS”) assets, including all IP and a 650,000-square-foot plant in Mishawaka, Indiana. To learn more about the company, visit www.MullenUSA.com.
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