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  • Mullen Automotive: Recent Developments and Stock Price

    Mullen Automotive: Recent Developments and Stock Price

    In the world of electric vehicle (EV) stocks, Mullen Automotive Inc. (NASDAQ: MULN) has emerged as a focal point, sparking both intrigue and skepticism. Despite initial reservations surrounding transparency and predictability, recent market dynamics have thrust MULN into the spotlight.

    Back in May, a bearish analysis prompted unexpected attention, and now, the company is generating even more buzz. Notably, over the month of November alone, Mullen’s stock has plummeted by almost 50%. However, with the current price standing at $0.16 per share, it remains a striking 92% below its previous valuation at the time of the aforementioned bearish thesis.

    In this article, we delve into the recent developments shaping Mullen Automotive’s narrative and explore their potential ramifications on stock performance. Join us as we take a thorough look into MULN’s journey, seeking to provide clarity for stock market participants and traders navigating the dynamic EV market.

    Class 1 EV Cargo Van Approval

    Mullen Automotive Inc. and Rapid Response Defense Systems (RRDS) have taken a significant step toward securing the future of Mullen’s Class 1 EV cargo van in the U.S. market. Today, both companies jointly submitted responses for the final ruling and compliance from the U.S. Customs and Border Protection (CBP) regarding Mullen’s application. This pivotal move follows the strategic partnership announced in March 2023, designating Mullen as the exclusive provider of Class 1 EV cargo vans for RRDS, a prominent small business federal contractor.

    The Ruling Request Application, filed by RRDS on behalf of Mullen, meticulously outlines the extensive transformations undertaken to ensure compliance with U.S. Federal Motor Vehicle Safety Standards and Environmental Protection Agency regulations. These adaptations encompass the comprehensive design, testing, and validation of crucial safety systems such as airbags, sensors, control modules, rearview camera, front bumper system, wiring harnesses, and seating.

    Successful completion of this transformative process is crucial, as it will designate the Mullen ONE as a U.S.-made end product. If the ruling is in favor, it not only signifies Mullen’s dedication to fostering growth in the U.S. electric vehicle market but also proudly establishes the Mullen ONE as an American product, manufactured in America by Americans. The imminent outcome of this application holds substantial implications for Mullen’s stock performance, as it could potentially solidify the company’s position in the burgeoning electric vehicle sector, contributing to increased investor confidence and market interest in this dynamically evolving industry.Top of Form

    Mullen’s Milestone License and Production Surge

    Back in November, Mullen Automotive reached a pivotal milestone with its partner, the Randy Marion Automotive Group (RMA), securing a North Carolina license to retail Mullen’s commercial EVs. This critical dealer license empowers RMA to promptly deliver Mullen’s vehicles to customers. Notably, RMA has reported substantial interest in Mullen’s Class 1 and Class 3 vehicles, indicating a promising market reception.

    Effective November 20, 2023, RMA commenced shipping Class 3 vehicles to various destinations, including Adventure Coast Rentals in Tennessee and Georgia, Godotek in Michigan, and NRTC Automation Group in Alabama. Simultaneously, a new shipment of presold vehicles is expected to reach Duke Energy, Merchants Fleet, and MGT Leasing.

    With the Tunica assembly plant’s Class 1 vehicle production line operational since November 1, 2023, Mullen is now running both Class 1 and Class 3 production lines concurrently. The company aims to deliver 150 Class 3 and 300 Class 1 vehicles by year-end. This operational success underscores Mullen’s commitment to meeting production and delivery targets for 2023.

    The immediate impact on Mullen’s stock price is notable. The commencement of vehicle deliveries, especially to presold clients, strengthens revenue prospects, instilling confidence in investors. As Mullen progresses towards achieving its production goals, the stock’s volatility may see increased stability, attracting further attention from traders seeking opportunities in the burgeoning electric vehicle sector.

    Conclusion

    When it comes to EV stocks, Mullen Automotive Inc. remains a captivating yet unpredictable player. Despite positive strides, including Class 1 EV Cargo Van approval and a milestone license with Randy Marion Automotive Group, Mullen’s stock has plunged nearly 50% in November alone, now standing at $0.16 per share. Even as the company achieves operational success with simultaneous production lines and a promising market reception, the stock’s persistent decline, 92% below its prior valuation, suggests profound volatility. The unfolding dichotomy between positive developments and market response accentuates the complex challenges influencing Mullen’s stock trajectory.

  • Is It Good Time to Buy MULN Shares?

    Mullen Automotive Inc. (NASDAQ: MULN) has emerged as a significant player and is among the most closely watched stocks in the market. Despite a slew of notable achievements and a strong presence on the NASDAQ, MULN shares have taken a steep nosedive in value this year. These developments have prompted CEO and chairman David Michery to take decisive action.

    Concerned about potential illegal short selling activities, the company has initiated an investigation, enlisting the expertise of Share Intel and esteemed law firms such as Christian Attar and Warshaw Burstein.

    This lawsuit not only aims to safeguard the company’s interests but also sends a resounding message: Mullen Automotive has a zero-tolerance stance against manipulative trading practices. As investors, the question on our minds is: Is now the right time to buy MULN shares?

    MULN Stock Price and Developments Timeline

    MULN shares exhibited strength in May, maintaining a price above $1 for 12 consecutive days, a positive sign for investors. The CEO’s proactive extension filing indicated confidence that the SEC wouldn’t enforce the 20-day delisting rule.

    What’s truly catching attention is Mullen’s firm stance against illegal naked shorting, leading to legal action against TD and SCHWAB.

    They’re preparing for an appeal, with potential SEC support until December, reducing delisting concerns. Anticipated production growth may push the stock past $1 this month.

    Remarkably, Mullen’s removal from the delisting notice signals a potential turnaround. The CEO’s proactive measures and legal actions against illegal shorting, the extension filed, and the potential appeal all indicate a determined effort to protect shareholder interests.

    The fact that Mullen shares held above $1 for 12 days in May offers a glimmer of hope for those eyeing the stock.

    With production ramping up and the looming possibility of crossing the $1 threshold this month, the risk of delisting by December appears to be diminishing for MULN share.

    Electric Truck Order Signals Growth Potential for MULN Shares

    The recent announcement of Mullen receiving a multiunit vehicle purchase order from NRTC Automation Group signals a promising development for MULN shares.

    This order for three all-electric commercial class 3 Mullen trucks, scheduled for delivery in Q4 2023, reflects the growing interest in Mullen’s innovative offerings.

    Alabama-based NRTC Automation Group, known for its turnkey automation and manufacturing solutions, expressed enthusiasm about the Mullen THREE.

    This efficient class 3 low-cab, forward EV truck boasts impressive features such as an 11,000 gross vehicle weight rating, excellent maneuverability with a 38-foot turning diameter, and the ability to accommodate payloads exceeding 5,800 pounds.

    NRTC’s firsthand experience with the Mullen THREE during a recent test drive has further strengthened their confidence in the vehicle’s suitability for various applications.

    This purchase order underscores Mullen’s commitment to providing solutions in the EV sector, aligning with the industry’s growing trend toward eco-friendly alternatives.

    Considering this positive development and the increasing adoption of electric vehicles, investing in MULN shares at this stage could be a strategic move for those seeking exposure to the burgeoning EV market.

    However, as with any investment, thorough research and risk assessment are essential before making a decision about Mullen shares.

    Conclusion

    Amid the turbulence of MULN shares, one thing is abundantly clear: uncertainty prevails despite all positive signals. CEO David Michery’s resolute actions against manipulative trading practices signify the company fiercely defending its interests.

    Similarly, the recent order from NRTC Automation Group demonstrates growth potential, riding the wave of electric vehicle adoption. Yet, the road ahead remains uncertain.

    MULN’s narrative is simultaneously surrounded by hope and challenges. The CEO’s proactive measures and legal actions inspire confidence, but prudence dictates thorough research and risk assessment.

    Mullen shares are at an inflection point, with production gains and a decreasing delisting risk, making it an intriguing prospect.

    Frequently Asked Questions

    Will MULN Stock Be Delisted?

    The risk of MULN stock being delisted appears to be diminishing due to proactive measures, legal actions against illegal shorting, and the potential for SEC support until December.

    Will MULN Stock Reverse Split?

    It is likely for MULN to pursue a reverse split to avoid delisting from NASDAQ and meet the minimum share price requirements due to its low stock price. This, however, will depend on what the board of directors agree upon.

    Is MULN Stock Shorted?

    MULN is indeed shorted, with a short float of nearly 10%, indicating significant bearish sentiment among investors. This suggests potential downward pressure on the stock price.

    What Is MULN Stock?

    MULN stock is the stock of Mullen Automotive Inc., known for its rollercoaster journey as an emerging, American EV manufacturer and a meme stock during the COVID-19 pandemic, with debates surrounding its true potential and current market sentiment.

    What Is MULN, And What Does the Company Do?

    MULN is Mullen Automotive, an American electric vehicle manufacturer.

    What Factors Should I Consider When Evaluating Whether to Buy MULN Shares?

    Factors to consider include the company’s financial health, its product roadmap, and the overall outlook for the electric vehicle market.

    Has MULN’s Stock Price Been Showing Any Recent Trends or Patterns That I Should Be Aware Of?

    MULN’s stock price has been volatile in recent months, but it has been trending upwards in the past few days.

    Are There Any Recent Developments or News Related To MULN That Could Impact Its Stock Price?

    There have been a few recent developments related to MULN, such as the announcement of new vehicle orders and the lawsuit filing against naked shorters. These could impact the stock price positively.

    How Does MULN Compare to Its Competitors in The Electric Vehicle Industry?

    MULN is a relatively new company in the electric vehicle industry, and it faces competition from established players like Tesla and Ford.

    What Is the Current Financial Health and Performance of MULN As a Company?

    MULN’s financial health is not strong, and the company has been losing money. This is a potential risk for investors.

    Are There Any Potential Risks or Challenges Associated with Investing in MULN Shares?

    Yes, there are a few potential risks associated with investing in MULN shares, including the company’s financial health, its competitive landscape, and the overall volatility of the electric vehicle market.

    What Are Experts or Analysts Saying About MULN’s Growth Prospects and Future Potential?

    Analysts are generally positive about MULN’s growth prospects, but they also caution that the company faces significant challenges.

    Has MULN Taken Any Strategic Actions or Initiatives That Could Affect Its Stock Value Positively or Negatively?

    Yes, MULN has taken some strategic actions that could affect its stock value positively, such as entering into partnerships with other companies and developing new products.

    In Light of Recent Events, What Is the Outlook for MULN Shares In The Near And Long Term?

    The outlook for MULN shares in the near and long term is uncertain. The company faces many challenges, but it also has some potential growth opportunities.

  • Best Penny Stocks For Under To Invest In

    Best Penny Stocks For Under $1 To Invest In

    In the world of stocks, investors have at their disposal a whole range of asset classes to choose from. While some prefer large-cap stocks for the stability they typically offer, many prefer cheap penny stocks that hold the potential to undertake wild swings.

    The smart investor, however, aims for a balanced portfolio that contains a healthy mix of stocks, including the notorious penny stock category. Penny stocks that trade for under $1 are becoming extremely popular amongst a growing generation of investors.

    This in large part has come about following recent phenomena that have seen such stocks explode following immense market hype. In light of this, therefore, we bring forward, in this article a list of five highly promising penny stocks that are presently priced beneath the $1 mark. Each of these holds immense potential, allowing your portfolio to rapidly grow in the following weeks and months.

    Mullen Automotive

    We start off our list of penny stocks for under $1 with one of the most hyped-up stocks in the market, Mullen Automotive Inc. (NASDAQ: MULN). The stock has gathered a large fan following amongst market participants given the tremendous gains it had seen in the last few months, which pushed it up as high as almost $16. At present, MULN trades at $0.72, given market pessimism surrounding emerging players, and the wider macroeconomic headwinds.

    The most high-potential aspect associated with Mullen is its incredible solid-state polymer batteries. Earlier when the company announced battery test results, the market had been taken by storm. These tests had been conducted by the renowned, Battery Innovation Center, a state-of-the-art institute that works together with leading universities and commercial enterprises. The Mullen battery technology offers fast charging and high-energy density all within a compact size. Through this, a 150-kilowatt-hour Mullen battery can run an EV for as much as 600 miles. Even more impressive is that these solid-state batteries offer a far higher degree of safety than lithium-ion cells, as used by Tesla Inc.

    Even at this early stage, the Mullen leadership has confirmed a hefty order by a major Fortune 500 company for electric vehicle vans. Similarly, it has signed an order for 600 electric cargo vans with DelPack Logistics, a major Amazon Delivery Services Partner.

    Mullen is still in a grey area in its present timeline as to when it will achieve these ambitious objectives. However, what remains certain is that the market will be rapid in its response as emerging catalysts come to pass.

    Integra Resources Corporation

    Next, we move on to Integra Resources Corp. (AMEX: ITRG), a mineral resources company. The stock is presently trading at $0.66, after having plummeted by over 73% in the last 12 months. Inflation had increased the costs of production in the industry and had also seen a lowering of precious metal prices in the last year, leading to poor sentiment across the market. Integra suffered too, given these results, with its recent quarterly EPS for June 2022 falling by a staggering 58% on a year-on-year basis.

    Although the headwinds similarly impacted the fundamentals of the wider precious metals and minerals industry as a whole, no other stock had seen a plummet as sharp as that of ITRG. Given the panic selling that the stock had gotten caught up in, there is ample reason to believe the stock is now significantly undervalued.

    Similarly, a new financing announcement has significantly propped up the company’s prospects, putting it closer to the path towards financial sustainability. The arrangement includes $10 million of debt and a convertible agreement of up to $20 million. The news comes as a relief to distraught shareholders, as the company now has sufficient capital to complete its 15km drill program. This liquidity boost further allows the company to enhance its profitability by focusing on areas that had held its business down.

    Camber Energy Inc.

    Number three on our list of penny stocks for under $1 is the oil and gas company, Camber Energy Inc. (AMEX: CEI). The stock is one like many in the industry, that had taken a beating in this year’s bear market, falling 60% since the start of 2022. The last five years have been hard on the company, especially since its strategic shift and expansion towards shallow oil and gas reserves. Despite this offering lower-risk production portfolios that have a longer lifecycle, the industry remained too saturated with better-equipped competitors.

    However, a turnaround seems to be on the way for CEI, with the management announcing some fundamental changes to its business approach. For one, Camber now focuses on serious restructuring and cost elimination, which will streamline operations and optimize efficiency.

    Moreover, Camber’s fully-owned subsidiary since February 2022, Viking Energy also brings in good news, which suggests CEI’s undervaluation. The company’s Bottom Cycle Power System, along with its carbon capture technology is officially under patent. The milestone gives Viking a substantial entry point in the clean energy market, allowing its technology to be licensed and sold to third-party players. Camber stands to gain with these developments and could be seeing a turning point in its price trajectory.

    To add, its subsidiary, Viking has been reporting consistently improving fundamentals. After its loss of over $41 million in 2020, the company posted a net income figure of $1.3 million, in 2021. All of these factors point to the immense opportunity Camber shareholders face, making the stock’s present price an incredible bargain.

    Argonaut Gold Inc.

    The fourth penny stock for under $1 we present is of the Canadian gold miner Argonaut Gold Inc. (OTC: ARNGF). Argonaut is a classic example of a stock with a price that is far beneath its intrinsic value. This typically happens when the market is in a state of irrational panic that is not in line with fundamentals. In terms of Argonaut, the company in its recent annual results had seen its top and bottom lines climb by 36.6% and an incredible 86.7% respectively.

    2022, with all its macroeconomic headwinds, brought its fair share of challenges to the company, with its recent quarterly revenue seeing a year-on-year decline of 7%. These short-term obstacles hardly justify the over 83% drop that the last 12 months delivered to the stock. As per the company’s recent report, its balance sheet portrays present cash holdings of over $75 million. For a company operating at the scale of Argonaut, this is highly sufficient at allowing the company to explore lucrative options, whilst also strengthening its position within the gold market. For this reason, we here at Stocks Telegraph believe that Argonaut was aggressively oversold in the past, and is imminently due for an upside correction.

    Inuvo Inc.

    The final stock on our list of penny stocks for under $1 is that of Inuvo Inc., (AMEX: INUV) a US-based tech company. The stock is perhaps the most innovative and potentially revolutionary on this list, in what it offers. Inuvo brings digital marketing into the realm of AI. Inuvo’s patented digital advertising platform, IntentKey, uses AI technology to generate anonymous signals. These signals guide advertisements to their most optimal placement zones. This technology holds immense promise, given privacy concerns surrounding cookie technology throughout web browsers. This patented technology remains Inuvo’s greatest asset, considering the wider ‘cookie crumbles’ that could send shockwaves across the digital advertisement industry.

    The market has been responding to this crucial technology with overwhelming acceptance. In its first-quarter results, the company netted sales of $18.6 million. This figure represented a whopping 75% year-on-year rise, indicating the rapid nature of Inuvo’s market capture.

    INUV represents an opportunity that remains too good to ignore. Those early in catching this train will likely benefit tremendously given the scale of digital advertising, as well as the company’s unique competitive advantage. There is no telling as to how high this bird will fly in the long term.

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    Conclusion

    Penny stocks for under $1 are one investment class that many market participants turn to, in anticipation of a rapid growth explosion. Despite risks of high volatility and unpredictable future projections, many cannot resist including low-price penny stocks within their portfolios.

    Even the most seasoned of investors seek to diversify their holdings through the inclusion of promising penny stocks, which could bring their portfolio to soaring new heights. Each of the stocks mentioned in this list holds immense growth potential and could bring your portfolio soar to new heights.

  • Mullen Automotive Inc. (MULN) stock Finally Rebounds After Losing for more than a Week

    The emerging EV maker, Mullen Automotive Inc. (MULN) finally rebounded on April 20, in the late trading session. The stock had been in a downtrend for over a week.

    Thus, after losing 16.57% in regular trading, MULN rebounded to add 17.73% in the after-hours. The stock closed the regular session at $1.41 apiece to rise to a value of $1.66 in the following session.

    Source: USA Today

    There is no official news from the company behind the rebound, although things have been moving in the market.

    What is Happening?

    On April 10, news from a law firm investigating MULN for possible violation of federal securities laws hit the newswire. The release on top of the earlier report by Hindenburg Research deeming Mullen “Yet Another Fast-Talking EV Hustle” had the stock rolling downhill. Continuing its downfall since April 12, the stock reached a low of $1.34 on April 20. Hence, it seems the low price instigated investors to buy the dip in order to make some gains. Therefore, causing the stock to finally make its comeback.

    Certain other reasons to have sparked the interest of investors in the stock might have been the overall cheerfulness in the market with most indices in the green. Furthermore, the investors’ cheerfulness might have been also because of another beat quarterly earnings by the EV giant Tesla despite the ongoing supply chain issues and inflation.

    Smoke & Mirrors or Tangible?

    The aspiring EV maker, MULN made its public debut in late 2021 and has yet to produce a sellable vehicle. The company’s stock has been spiking some major interest over the course of the months following its IPO. It was even named as of the top EV startups to watch out for in 2022.

    The company has made claims to start production real soon while announcing to take EV battery production in-house. According to the Hindenburg Research report, the company’s recent update on its battery testing was nothing but a “rehash” of that announced in 2020. Moreover, recently a hype was caused in the stock when the company said to soon commence manufacturing for an unnamed major Fortune 500 customer. The major customer still remains a mystery and “unnamed”.

    On top of this, the company’s purchase orders come from highly questionable sources while its EV models are said to have been manufactured by China and only rebranded by the company.

    Conclusion

    There are many red flags associated with MULN with Hindenburg even calling it nothing but an EV hustle. With questions raised regarding its CEO’s 5 failed penny stocks and many of the company’s claims, it is unclear what is smoke and what is real. Only time will tell where the company is headed and if it will actually become an EV maker.

  • Mullen Automotive Inc. (MULN) stock Plunges Under Corrections After Hours

    On March 17, Mullen Automotive Inc. (MULN) gained a huge 39.43% during the regular trading session. The stock saw an upsurge due to the company’s announcement of being featured by Yahoo Finance Live. Consequently, the stock plunged under corrections in the after-hours to shed its gains.

    Source: Professional Punch

    During the regular trading session, investors flocked towards the stock to make it trade at 759% of the average volume. The stock went up by $0.69 or 39.43% during the session while 514.82 million shares exchanged hands. At the closed of the session, MULN was trading at $2.44 per share. Following the huge gain, the stock lost 6.56% under corrections in the after-hours while shedding its gains. Hence, the stock was trading at $2.28 at an after-hours volume of 15.93 million shares on Thursday.

    The electric car maker, Mullen Automotive Inc. has a market capitalization of $61.15 million. Currently, the company has 34.94 million shares outstanding in the market.

    MULN’s Movements

    MULN stock has been on a rollercoaster ride for the past few weeks. In the past five days alone, the stock has increased by 128.04% while gaining 213.71% last month. These huge gains come from various good news from the company as well as market developments like shift and focus on EVs and the EV industry’s bullish outlook. Lately, the company has received some positive buzz due to multiple features and mentions. Ratings by Insider Monkey, feature by CarBuzz, and the latest by Yahoo Finance Live, are all contributors. Despite the latest gains and developments, the stock is still down by 53.35% year to date. Moreover, MULN subtracted a value of 80.34% last year.

    Feature by Yahoo Finance Live

    On Thursday, the company announced being featured by the world’s biggest business news platform, Yahoo Finance Live. Furthermore, Yahoo Finance is the number one finance website in the U.S. with almost 100 million unique monthly visitors.

    The feature highlighted the company’s development of solid-state battery technology, its coverage on CarBuzz, and string performance in the market. The feature can be accessed here.

    Highlighting the positive momentum towards the company, CEO and chairman David Michery also shed light on the company’s recent partnerships. These include partnerships with Hofer powertrain, Comau, ARRK, Dürr, DSA Systems, etc.

    MULN’s Insider Monkey Ranking

    It was only recently, on March 09, that the company was named as a top penny stock with huge growth potential for invest in. Insider Monkey, through its proprietary strategy, picks and identifies the best stocks.

  • Mullen Automotive Inc. (MULN) Continues its Upward Movement Following Company Updates

    On March 14, Mullen Automotive Inc. (MULN) provided certain updates including FIVE EV Crossover’s feature on CarBuzz and its production and marketing strategy. Consequently, the stock was trending with a buzz in the premarket today as its shares surged up by 33.33%. At the time of writing, the stock was trading at a value of $1.80 in the premarket as 19.9 million shares exchanged hands.

    Source: CAR Magazine

    In the previous trading session, MULN remained bullish with an upward stride of 26.17%. The stock fluctuated between a high of $1.50 and a low of $0.94 during the session at a volume of 251.51 million shares. At the close of the session, the stock had a price of $1.35 per share on Friday.

    The electric car company, Mullen Automotive Inc. was founded in 2014. With the increasing focus on EVs and alternative batteries infrastructure along with a bullish trend for the EV market, MULN has been enjoying some good gains recently. In the past five days alone the stock has increased by 26.17%.

    MULN’s Company Updates

    As per today’s report, the company’s EV Crossover, the Mullen FIVE was recently featured by CarBuzz. CarBuzz is a global premier car-related news site and app that publishes the industry’s latest happenings.

    The articles not only featured FIVE but also interviews of MULN’s CEO and chairman, David Michery as well as VP Mechanical Systems, Marian Petrelecan. Along with this the company’s financial model, partnerships, and market strategy were also discussed.

    Additionally, the Mullen FIVE was also named “Top Zero Emission SUV” during the ZEVA® Awards at the Los Angeles International Auto Show in November 2021. It was during the show that the company’s Mullen FIVE EV Crossover made its debut.

    Other Developments

    On March 9, the company announced being named as a top penny stock with enormous growth potential by Insider Monkey. Insider Monkey is a finance website founded in 2010. Furthermore, the website through its proprietary strategy identifies the best stock picks from hedge funds and insiders.

    On February 28, MULN provided updates in its next-gen solid-state polymer battery technology. The company is currently working on utilizing the solid-state polymer battery packs in the second-gen Mullen FIVE EV Crossovers. The in-vehicle testing for which is scheduled for 2025. Additionally, the first-gen FIVE will be launched with the traditional cell chemistry in late 2024.

    Conclusion

    MULN stock while has been in an uptrend since last week due to favorable future growth of the industry, continued its uptrend in the premarket today as well. The reason for the continued bullishness is the latest announcement regarding its Mullen FIVE’s feature.

  • Mullen Automotive Inc. (MULN) stock Soars Premarket. Any Reason?

    On March 08, Mullen Automotive Inc. (MULN) continues to soar in the premarket while there is no recent news from the company. The company’s latest SEC filing dates back to March 1 while the news was reported on February 28.

    In the previous trading session, the stock remained bullish with a huge gain of 34.93%. MULN stock closed the session at a price of $1.06 as 257.91 million shares exchanged hands. The day’s volume remained 721% of the average 35.78 million shares. In premarket today, the stock had advanced by a further 16.98% at a volume of 1.9 million shares, at the last check. Thus, at the time of writing MULN was trading at $1.24 apiece in the premarket.

    The electric car company, Mullen Automotive Inc. was founded in 2014. The California-based company has a market capitalization of $27.45 million. Currently, the company has 34.94 million shares outstanding in the market.

    What is Happening?

    On February 28, the company provided an update on its solid-state polymer battery pack development. Following this, the stock had been in a downtrend since March 01, 2022. The stock continued to lose till March 07 as it finally rebounded on Monday. It seems the continuous downtrend called for corrections as the low price provided a good opportunity for buying. Thus, MULN finally rebounded on Monday and has since continued its bullish momentum.

    Source: Atlantic Council

    Presently, the stock stands at a year-to-date loss of 79.73% while it suffered a decline of 90.42% last year.

    MULN’s Recent Updates

    On February 28, the company provided updates regarding the progress of its next-generation solid-state polymer battery technology.

    The testing of the solid-state polymer cells has so far revealed positive potential. Currently, the company is working on building upon its solid-state battery packs in the second-gen Mullen FIVE EV Crossovers. The in-vehicle prototype testing for which is planned for 2025. Furthermore, due in late 2024, the first-gen FIVE EV Crossover would be launched with the traditional cell chemistry.

    Additionally, the company is also exploring the R&D of other advanced battery technologies like lithium-sulfur and lithium-iron-phosphate.

    MULN’S Letter to Shareholders

    On February 17, the company issued a letter to its shareholders regarding the company’s recent accomplishments. The main highlights of the letter included:

    • Successful filing of more than 120 patents in 24 countries for Mullen FIVE EV Crossover.
    • Purchase of Tunica’s AMEC manufacturing facility.
    • Global debut of Mullen FIVE with it winning the best SUV ZEVASTM (Zero Emission Vehicle).
  • Mullen Automotive Inc (MULN) gained 54.06% in the pre-market. Here’s why

    Mullen Automotive Inc (MULN) gained 54.06% in the pre-market. Here’s why

    The stock Mullen Automotive Inc (MULN) closed the regular trading session at $0.68, gaining 11.15% from the previous trading session. The stock of MULN remained bullish in the pre-market, gaining 54.06% to $1.06. The gain in the stock price came after the company was featured by WardsAuto. Ward’s is an American firm that covers the auto business for 80 years, now.

    News

    On 24 February 2022, MULN broadcasted the latest publication by WardsAuto. The publication underlines the future plans of Mullen’s. This publication acted as a catalyst for the share price. The CEO of MULN, David Michery, stated that they are glad and grateful that industry chiefs like Wards are beginning to cover the EV exertion at Mullen. He also stated they had an incredible discussion about the enormous plans they have for FIVE electric vehicles.

    Mullen Automotive has reported collaboration with key organizations such as hofer powertrain, Comau, and DSA Systems. This collaboration aims towards EV powertrain, development, and Over the Air (OTA) testing. The company anticipates that these improvements should assume a critical part in putting up the FIVE for sale to the public. Mullen FIVE was also named “Top Zero Emission SUV” at the ZEVA awards in an international auto show in November 2021. Moreover, the FIVE is based on an electric vehicle hybrid skateboard programme.

    Moreover, on 17 February 2022, MULN proceeded with a letter to its investors. The letter underlines the performance of the firm. MULN is ready to launch its first electric vehicle cargo van expected in Q2. The superior performance adaptations of Mullen FIVE to show up later in summer 2022. The company has also filed for 120 patents. Also, successful finishing of broad customer study regarding EV market. Mullen FIVE scored high against Tesla Model Y and Ford Mach-E.

    About MULN

    Mullen Automotive Inc (MULN) is an EV organization. The firm is occupied with giving EV choices made to fit flawlessly for the consumer. Further, MULN has a market capitalization of $16.10 million and has 23.40 million pending stocks. The company has its base in Brea, California, United States of America (USA).

  • Mullen Automotive, Inc. (MULN) Stock Dipped in Premarket, Here’s What’s Going on.

    Mullen Automotive, Inc. (MULN) Stock Dipped in Premarket, Here’s What’s Going on.

    Mullen Automotive, Inc. (MULN) is engaged in an automotive business that owns and collaborates with multiple synergistic companies working to provide clean energy solutions. The company is providing exciting electric vehicle options to fit perfectly into the customer’s life.

    The price of MULN stock during regular trading on February 23, 2022, with an increase of 2.48%, was $0.62. At last check in the premarket on February 24. 2022, the stock dropped sharply by 15.49%.

    MULN: Events and Happenings

    On February 24, 2022, MULN updated about the currently published feature article by WardsAuto which interviewed the company’s Executive leadership and highlighted their futuristic vision. On February 17, 2022, MULN highlighted its accomplishments related to Mullen FIVE and EV Van Crossover Platforms in its letter to shareholders.

    MULN: Key Financials

    On February 14, 2022, MULN released its financial outcomes for the three months ended December 31, 2021. Some of the main points are discussed below.

    Revenue

    No revenue was reported in the quarter ended December 31, 2021, and the same quarter of 2020.

    EPS

    Basic and diluted net loss in the quarter in 2021 was $36.4 million or $2.09 per share corresponding to $4.99 million or $0.98 per share in the same period in 2020. The company’s net loss increased remarkably over the year.

    On February 14, 2022, MULN reported the outcomes of thorough EV market studies and conceptual benchmark comparison of the Mullen FIVE model against the competing models’ Tesla Model Y and Ford Mach-E. On February 07, 2022, MULN announced to bolster its balance sheet with a funding of $4 million. The company achieved this milestone via the merger of the preliminary drawdown of $2.5 million from Esousa Holdings, and debt financing from existing stockholders. The company brought the total funding received to approximately $40 million.

    On January 31, 2022, MULN informed its strategic collaboration with Comau for the building-out of a vehicle body shop at the company’s Advanced Manufacturing and Engineering Center.

    Conclusion

    MULN stock down-performed in the last six months as indicated by its stock position. The company’s stock dipped by 94% in this period. The current stock situation of the company is also not satisfactory as it dropped in the aftermarket by 14%. The reason behind the stock’s declining trajectory is possibly the current interview of the company’s management with WardsAuto. Despite the fact that the company’s leadership discussed its futuristic approach in the interview, the stock declined.

  • Mullen Automotive Inc. (MULN) stock Finally Rebounds Following its Descent to 52-week Low

    On February 22, Mullen Automotive Inc. (MULN) stock made a comeback in the after-hours following its descent to a 52-week low in the previous session. The stock had been in a continuous downtrend since the company’s last earnings report on February 14, 2022.

    During the regular trading session, MULN stock reached its 52-week low of $0.59 and closed slightly above it at $0.61. The stock suffered a loss of 2.71% at a volume of 58.17 million shares, which was 1,990% of the average. Following the descent, MULN rebounded in the after-hours to add 16.39%. Hence, the stock was trading at $0.71 apiece at an after-hours volume of 2.18 million shares on Tuesday.

    The electric car company, Mullen Automotive Inc. has a market capitalization of $21.91 million shares. Currently, the company has 34.94 million shares outstanding in the market.

    What Happened?

    While the overall picture of the stock is hugely painted in red, lately it had been falling down since the recent earnings report. On February 14, the company filed its quarterly earnings report for Q4 2021 with the SEC. MULN had been in a continuous downfall since the earnings. Even though the company declared a letter to its shareholder on February 17 regarding the progress it is making, the stock did not budge from the downtrend. Thus, on February 22, the stock closed just above the new 52-low. It seems the new low in the stock’s price was taken as a great opportunity to buy the stock. Therefore, MULN made a comeback in the after-hours on Tuesday.

    In the past five days alone, the stock lost 42.99% while it stands at a year-to-date loss of 88.34%. Moreover, the stock subtracted a value of 95.34% last year.

    MULN’s Letter to Shareholders

    On February 17, the company issued a letter to shareholders about its progress. As per the letter, the company expects to deliver its first EV cargo van fleet vehicles in Q2 and Mullen FIVE in late summer 2022. The company has also filed over 120 patents in 24 countries for Mullen FIVE EV Crossover.

    MULN Q4 2021 Highlights

    In Q4 2021, the company had a net loss of $36.4 million against $4.9 million in the year-ago quarter. Resultantly, the net loss per basic and diluted share was $2.09 in Q4 2021 and $0.98 in Q4 2020.

    Furthermore, MULN ended the period with cash, cash equivalents, and restricted cash of $61,000 approx. on December 31, 2021.