Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, announced that it will effect a 1-for-100 reverse stock split of its common stock, par value $0.001 per share. According to the announcement, the stock split will be effective Dec. 21, 2023, at 12:01 a.m. ET. The company’s common stock will continue to trade on the NASDAQ exchange under the existing symbol — MULN — and will begin trading on a split-adjusted basis when the market opens on Dec. 21, 2023. A proposal to authorize the reverse stock split was approved by company stockholders at a Special Meeting of Stockholders; Mullen Automotive’s board of directors ultimately authorized the 1-for-100 reverse split ratio. The purpose of the split is primarily to bring the company into compliance with NASDAQ’s $1.00 minimum bid price requirement.
In a letter to shareholders regarding the reverse split, Mullen Automotive CEO David Michery explained that presenting the proposal to shareholders and the board of directors was “one of the most difficult decisions I have made as CEO, especially in light of the prior reverse stock splits implemented by the company and the dilutive impact those have had on shareholders.” Noting that on multiple occasions he has stated that the price of MULN stock does not reflect the value of the company, Michery mentioned key milestones the company has reached and efforts made to increase the value of the stock so it could continue to trade on the NASDAQ exchange. “On appeal, the company was granted until Jan. 22, 2024, to demonstrate that the stock had traded above one dollar for at least 20 consecutive trading days, failing which the company would be permanently delisted from the NASDAQ capital markets,” said Mullen Automotive CEO David Michery in the press release. “There was only one way to give the company the best possible chance of regaining minimum bid compliance for the mandated 20 trading days and that was by doing a significantly large reverse stock split. . . . I understand that many of you are disappointed, but please know that I remain fully committed to achieving the company’s goals, which I believe are within reach and will be made exponentially easier should the company be able to maintain its publicly traded status on a major capital markets national exchange. The passing of the proposal to effect a reverse split gives us that opportunity.”
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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 of all 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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