Yesterday, Mullen Automotive (NASDAQ: MULN ) finished trading at less than $1 per share at close of markets. Many stocks took significant losses that day but for Mullen, this type of performance is particularly concerning.
Last Friday, Mullen Automotive (NASDAQ: MULN ) stock closed below $1. That poses a significant problem for the electric vehicle (EV) company, as it will receive a deficiency notice if its shares close below $1 for 30 consecutive business days.
Shares of Mullen Automotive (NASDAQ: MULN ) are once again near the pivotal $1 level. This comes despite the company enacting three reverse stock splits in 2023 — 1-for-25, 1-for-9 and 1-for-100.
Mullen Automotive (NASDAQ: MULN ) stock is falling on Tuesday even after the company announced a new CEO for subsidiary Bollinger Motors. This will have James Taylor taking over as the next CEO of the company.
Mullen (NASDAQ: MULN ) stock is in the news Tuesday after it announced that subsidiary Bollinger Motors is selling five of its electric Class 4 Bollinger B4 commercial trucks to Spencer Manufacturing. Spencer Manufacturing will take the five electric vehicles (EVs) from Bollinger Motors and upfit them into emergency response vehicles.
Mullen Automotive (NASDAQ: MULN) stock price has remained in a deep sell-off and is nearing its all-time low despite making some important announcements. It has crashed by over 82%, making it one of the worst-performing electric vehicle companies in Wall Street, bringing its market cap to over $43 million.
Mullen Automotive (NASDAQ: MULN ) stock is in the news Friday after the electric vehicle (EV) company sold 80 of its B4 trucks to Momentum Groups. This sale is through Bollinger Motors but the order hasn't been filled just yet.
Although circumstances have not been favorable to upstart electric vehicle (EV) manufacturer Mullen Automotive (NASDAQ: MULN ), the company continues to make its best efforts. In the latest development, management signed a franchise agreement with Eco Auto, a dealership located in Boston, Massachusetts, that's focused on EVs.
Mullen Automotive (NASDAQ: MULN) stock price has remained under intense pressure as concerns about the company and the electric vehicle industry continued. It plunged by more than 12% on Monday even as other meme companies like GameStop and AMC Entertainment surged.
Mullen Automotive (NASDAQ: MULN ) stock is up on Friday after the electric vehicle (EV) company brought in a new executive to handle sales of its products in Europe. Alain Van Munster is joining Mullen Automotive as the EV company's new VP Europe Middle East and Africa.
Mullen Automotive (NASDAQ: MULN ) stock is on the move Friday after the company announced a new distribution partner for its electric vehicles (EV) in the Balkans Region. Mullen Automotive is teaming up with GAMA as one of its new distributors in Europe.