Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, has announced a 1 for 9 reverse split. According to the announcement, the company plans to repurchase up to $25 million in shares through a stock buyback program after the filing of its 10-Q and upon expiration of its blackout period. In making the announcement, the company noted NASDAQ Listing Rule 5810(c)(3)(H), which states that “if a Company fails to meet the [Minimum Bid Price requirement], compliance is generally achieved by meeting the requirement for a minimum of ten consecutive business days. However, Staff may, in its discretion, require a Company to [maintain a bid price of at least $1.00 per share] for a period in excess of ten consecutive business days, but generally no more than 20 consecutive business days, before determining that the Company has demonstrated an ability to maintain long-term compliance. In determining whether to require a Company to meet the [minimum $1.00 bid price standard] beyond ten business days, Staff will consider the following four factors: (i) margin of compliance (the amount by which the [bid price is above the $1.00 minimum standard]); (ii) trading volume (a lack of trading volume may indicate a lack of bona fide market interest in the security at the posted bid price); (iii) the Market Maker montage (the number of Market Makers quoting at or above $1.00 and the size of their quotes); and, (iv) the trend of the stock price (is it up or down).” In the press release, Mullen Automotive CEO and chair David Michery stated: “We believe the company is highly undervalued, and the stock buyback program represents a compelling use of our capital, reflecting confidence in our business.”
To view the full press release, visit https://ibn.fm/AcVqR
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 its two United States-based assembly plants. Mullen’s EV development portfolio includes the Mullen FIVE EV Crossover; the Mullen-GO Commercial Urban Delivery EV; the Mullen commercial class 1–3 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 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.
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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