MULN Shows Signs Of Recovery as Mullen Automotive Stock To Remain Listed on Nasdaq
Mullen Automotive (NASDAQ: MULN) has recently made a significant announcement that has caught the attention of investors and enthusiasts alike. The company has confirmed that its stock will continue to be listed on the Nasdaq Stock Market, reinforcing its commitment to maintaining a strong presence on this prominent exchange. This decision comes after a period of uncertainty regarding the company’s listing.
The management revealed that the Nasdaq Hearings Panel provided a hearing in favor of Mullen Automotive. According to the hearing, “As long as MULN stock maintains a closing price at or above $1 for 20 consecutive trading sessions by January 22, 2024, it will remain eligible for trading on the Nasdaq. Additionally, the company must hold its annual shareholder meeting no later than March 8, 2024.”
MULN Stock Split
Mullen Automotive underwent two reverse stock splits this year with the intention of raising the stock price above $1. However, shortly after the reverse splits, the value of MULN stock dipped below $1, rendering both reverse stock splits ineffective.
On December 15 Mullen will convene its exclusive shareholder meeting. The primary proposal under discussion at this meeting pertains to reverse stock splits, ranging from 1 for 2 to 1 for 100. Voting on this proposal is open to MULN stockholders since October 30.
Mullen Files to Resell Up to 103 Million Shares
Mullen Automotive (MULN) has filed a shelf registration with the US Securities and Exchange Commission (SEC) to resell up to 103 million shares of common stock. Mullen Automotive has stated that it plans to use the proceeds from the sale of these shares to fund its operations, including the development and production of its electric vehicles, as well as to expand its sales and marketing efforts.
It is important to note that these stockholders have the right to sell their shares, but they are not obligated to do so.
- Esousa Holdings: Esousa Holdings is a private equity firm that has been invested in Mullen Automotive since 2021.
- Michael Wachs 2022 Dynasty Trust: The Michael Wachs 2022 Dynasty Trust is a private trust that owns shares of Mullen Automotive.
- Acuitas Capital: Acuitas Capital is a private investment firm that has been invested in Mullen Automotive since 2022.
- TD Capital No 1 Pty Limited: TD Capital No 1 Pty Limited is a private investment firm that has been invested in Mullen Automotive since 2023.
Performance of MULN Stock
MULN is trading below $0.50. After the news of NASDAQ granting Mullen an extension broke, the MULN stock price broke above $0.30. However, MULN is once again below $0.30. On the last trading day, MULN closed over 5% higher.