Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, is releasing results from its reconvened Special Meeting of Stockholders. The meeting, which was held on Jan. 25, 2023, included several proxy proposals on the agenda; MULN is reporting that all proposals were approved. According to the announcement, the company has no current plans to effect a reverse split. In addition, the company has until March 6, 2023, to meet the $1 minimum bid requirement established by NASDAQ. Based on the report, if that share price isn’t met, MULN will seek an extension from NASDAQ to meet the required threshold, which would give the company until approximately September 2023 to meet the threshold requirement. At that time, if the $1 minimum share price hasn’t been met, the company will then initiate a reverse stock split to maintain its NASDAQ listing compliance. The announcement noted that Mullen is also a member of the Russell 2000 Index through June of 2023, which requires a minimum stock price of $1 for inclusion. In June 2023, the index will rebalance; if the share price of MULN’s stock falls short of the $1 minimum threshold, the company will determine if a reverse stock split is in the best interest of shareholders to maintain inclusion in the Russell 2000 index.
In addition, the company announced several new hires who will be working in MULN’s commercial van and truck program and its FIVE EV Crossover programs; they will be working across the company’s facilities, including the Commercial Vehicle Team in Troy, Michigan; the Consumer Vehicle Team in Irvine, California; the Powertrain and Battery Group in Monrovia, California; the Manufacturing Plant in Tunica, Mississippi; and the Mishawka, Indiana factory. These new hires and their titles include the following:
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- Jerry Hu: president, Mullen Commercial Vehicles; formally VP of Key Safety Systems
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- Dave Adkins: chief of Class 3 Commercial Vehicles; formally chief engineer of Isuzu
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- Raj Pai: chief engineer, Commercial Vehicles; formally VP of Mahindra
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- Steve Ilenich: director, Commercial Vehicles Quality
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- Dongyeol Kang: director, Vehicle Program Purchasing
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- Mohamed Shaib: director, ADAS
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- Seungho Choi: director, Program Management Commercial Vehicles
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- Paul Loewer: senior director, Product Planning and Product Marketing
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- Matt Gostek: director, Service and Parts
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- Bob Sanseverino: commercial sales director, West Region
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- Lance Buchanan: commercial sales director, Southeast Region
“It’s exciting to see the growth across our different teams and locations in California, Michigan, Indiana and Mississippi,” said David Michery, CEO and chairman of Mullen Automotive. “Strategically, we have been adding very strong expertise coming from tier 1 suppliers, traditional OEMs and other EV start-ups. It’s very encouraging to see so many strong candidates reach out to us, looking to join the Mullen team.”
To view the full press releases, visit https://ibn.fm/Dk2g4 and https://ibn.fm/IjENH
About Mullen Automotive Inc.
Mullen Automotive is a southern California-based automotive company building the next generation of electric vehicles that will be manufactured in its two United States-based assembly plants. Mullen’s EV development portfolio includes the Mullen FIVE EV Crossover, Mullen I-GO Commercial Urban Delivery EV, 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. In September 2022, Bollinger Motors became a majority-owned EV truck company of Mullen Automotive, and in December 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.
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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