Mullen Automotive Inc (NASDAQ: MULN) continues to rise steadily northbound topping $0.35 on Wednesday after reversing off $0.18 all-time lows in December, hitting highs near $0.50 in the first week of January before another test of $0.25’s, followed by the current move northbound. MULNs massive international shareholder following continues to accumulate and is looking for a break over $0.50 this time around and upwards from there. As we reported in our article on MULN in January 6; there are several catalysts at play here including a way oversold MULN stock. Earlier this week Mullen stated it has no plans at the current time to affect a reverse split. The Company has until March 6, 2023 to meet the Nasdaq minimum bid requirement of $1.00. If the share price of the Company’s stock falls short of the said requirement, the Company intends to seek an extension from NASDAQ to meet the required threshold. If such extension is granted, compliance of the minimum $1.00 stock share threshold requirement may be extended for a further 180 days until approximately September 6, 2023.
MULN volume is once again beginning to pick up with the stock trading 151 million shares on Wednesday alone and dollar volume moving over $50 million on the day. MULN is quickly emerging as a top most stock discussed online including legions of speculators following discussions on MULN on twitter, stock twits, reddit, yahoo where the primary talking point is the previously discussed very significant short position built up that will be covering as the stock moves higher. Mullen is a successor company from Coda Automotive, one of the OG EV companies from the 2000s when it was basically just them and Tesla. While the Coda product line never really went anywhere Mullen invested billions in battery management systems, drivetrains, and other technology that makes EVs move effective giving them a significant advantage. Mullen already blew away the competition when it revealed the potential for a 150-kilowatt-hour battery pack that delivers over 600-plus miles of range highlighting an 18-minute DC fast charge which can yield over 300 miles of range. We will be updating on MULN when more details emerge so make sure you are subscribed to newsytrends.com by entering your email below.
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Mullen Automotive Inc (NASDAQ: MULN) is a Southern California-based automotive company building the next generation of electric vehicles (“EVs”) that will be manufactured in the Company’s two United States-based assembly plants. Mullen owns and partners with several synergistic businesses, all working towards the same goal of creating clean and scalable electric vehicles and energy solutions. Born out of our founder, David Michery’s vision, the mantra perpetually fueling all of our efforts is the ability to…Imagine What’s Possible. The world needs help and to lower the damaging impact of fossil fuel dependence, we needed sustainable, clean-energy solutions available yesterday. Sadly, we are still struggling to solidify sustainability and with the current state of things, it’s no longer sufficient to just have lofty ideas and aspirations. For a sustainable future to pan out, we need real solutions that are scalable. That’s why we do what we do at Mullen.
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. The Mullen FIVE, the Company’s first electric crossover, is slated for delivery in 2025 and features an award-winning design and its patented PERSONA technology that utilizes facial recognition to personalize the driving experience for every individual.
The Mullen FIVE EV crossover is coming in 2024, with a starting MSRP you can reserve one here. The crossover will have a range of about 325 miles, comes with a 120-kWh battery, and incorporates a vehicle’s electrical motor from Germany-based Hofer Powertrain. The Mullen FIVE has a dual motor in back with 300 kW of power, and there will also be a four-wheel drive version with an additional 150 kW in front. Apart from having a battery that you could “literally take a torch and burn a hole right through” according to Mullen’s CEO David Michery, the Mullen offers a unique infotainment system called “Persona.” While we don’t know the full capabilities of Persona yet, Mullen did say the system is able to recognize the driver once they are within 12 feet of the vehicle and unlock the doors, and automatically set up things such as infotainment, climate control, seating, lighting and navigation.
Mullen has made a number of breakthroughs in the EV space including significant advancements over current lithium-ion batteries. The Southern California emerging electric vehicle manufacturer reported that testing of its solid-state polymer cells reveals the potential for a 150-kilowatt-hour battery pack that delivers over 600-plus miles of range and highlights an 18-minute DC fast charge which can yield over 300 miles of range. The Company plans to utilize its solid-state polymer battery packs in its second-generation Mullen FIVE model, with in-vehicle prototype testing set for 2025. Mullen’s first-generation FIVE, due in late 2024, is planned to launch with traditional lithium-ion cell chemistry.
Earlier this year Mullen announced plans to begin EV battery pack production out of its high voltage battery R&D facility located in Monrovia, California. Mullen is retrofitting its Monrovia facility to accommodate the production of EV battery packs destined for Mullen’s EV vehicle lineup, including the ONE EV Cargo Van, FIVE EV Crossover, and DragonFLY EV Sportscar programs. Mullen is undertaking this effort to reduce dependency on third-party suppliers and reduce the risk associated with material and supply shortages, which currently plague the automotive industry. By taking battery pack production in-house, Mullen will also lower costs and increase overall quality control in battery pack development. Mullen purchased the assets from CODA in 2014 and took over the Monrovia high voltage facility in 2017, renaming it Mullen Energy.
Mullen recently entered into a definitive agreement with Loop Global Inc., a full-service EV charging solution provider, to build the next generation of public and private EV charging technology, infrastructure and network solutions. Mullen EV Charging Network Powered by Loop will support both level 2 and level 3 DC fast charging. Also in December, Mullen reported a purchase order for 6,000 Class 1 EV cargo vans from Randy Marion Isuzu, LLC (“RMI”), a member of the Randy Marion Automotive Group (“RMA”). The firm order agreement is valued at approximately $200 million. RMA is one of the largest and most respected commercial vehicle dealer groups in the U.S. Randy Marion Isuzu, LLC, a division of RMA, has committed to purchase 6,000 Class 1 EV cargo vans from Mullen Automotive. Mullen recently announced RMA as its first commercial dealer partner to offer sales, service and parts for Mullen Automotive’s commercial vehicle lineup. Mullen’s commercial EV lineup includes Class 1-3 cargo van and cab chassis offerings and Bollinger Motors Class 4-6 chassis products. Mullen’s entire commercial vehicle lineup will be manufactured out of the Advanced Manufacturing and Engineering Center (AMEC) located outside Tunica, Mississippi.
Mullen is pleased to announce we have no plans for R/S in our near future.
Our silent period is now over. We are here and we are ready.
#StrinkinglyDiffernt, American made.
Ready to shock the world?
Reserve your Mullen FIVE today @:https://t.co/zHPYPeaWMD $MULN pic.twitter.com/lRR25w46VM
— Mullen Automotive (@MuIIen_USA) January 25, 2023
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Looks like more positive news on $MULN!
BREAKING: Expert Says a MULN Short Squeeze is Highly Probable https://t.co/s0KWzhRWQ4
— Huskey (@TheRealHuskey) January 28, 2023
Back in September 2022, Mullen acquired controlling interest in EV truck innovator Bollinger Motors. This propels Mullen into the medium-duty truck classes 3-6, along with the B1 and B2 sport utility trucks. The purchase price was $148.2 million in cash and stock for a 60% controlling interest, which gives Mullen the majority ownership of Bollinger Motors, Inc. and positions Bollinger to capture the electric sport utility and commercial vehicle markets. This acquisition was one of the largest in the EV industry to date and provides Mullen with the unique opportunity to aggressively expand into the high-demand commercial EV space. The strong interest shown by major customers in all the high-volume segments like delivery, telecom, municipal services, and utilities is a clear indication of the market’s desire for Bollinger’s vehicles.
Earlier this week Mullen reported after its reconvened Special Meeting of Stockholders, that all proxy proposals have been approved. Mullen has no plans at the current time to affect a reverse split. Mullen has until March 6, 2023 to meet the Nasdaq minimum bid requirement of $1.00. If the share price of the Company’s stock falls short of the said requirement, the Company intends to seek an extension from NASDAQ to meet the required threshold. If such extension is granted, compliance of the minimum $1.00 stock share threshold requirement may be extended for a further 180 days until approximately September 6, 2023. If the Company still falls short of the minimum bid requirement, it will affect a reverse stock split at that time to maintain its Nasdaq listing compliance.
Mullen is also a member of the Russell 2000 Index through June of 2023, which requires a minimum stock price of $1.00 for inclusion. The Russell Index will rebalance in June of 2023, at which time, if the share price of the Company’s stock falls short of the minimum $1.00 threshold required, Mullen will evaluate if it is in the best interest of shareholders to initiate a reverse stock split for continued inclusion in the Russell 2000 index. Additional details can be found on the Company’s recently filed SEC Form 8-K and subsequent 8-K filed post Special Meeting of Shareholders Jan. 25, 2023.
On January 26 MULN announced new key hires in support of commercial and consumer vehicle programs who have joined the Company across its commercial van and truck program and Mullen FIVE EV Crossover programs in support of aggressive EV portfolio growth plans. The individual new hires will be working across Mullen’s different 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.
Mullen’s new team members come from a variety of well-known automotive brands, including, VW, Joyson, GM, Hyundai, Isuzu, Nexteer, Mahindra, Ford, Stellantis, Hyliion and Electra Meccanica. These new hires include the following individuals:
- Jerry Hu – President, Mullen Commercial Vehicles, formally VP of Key Safety Systems
- Dave Adkins – Chief of Class 3 Commercial Vehicles, formally Chief Engineer of Izuzu
- Raj Pai – Chief Engineer Commercial Vehicles, formally VP of Mahindra
- Steve Ilenich – Director of Commercial Vehicles Quality
- Dongyeol Kang – Director of Vehicle Program Purchasing
- Mohamed Shaib – Director of ADAS
- Seungho Choi – Director of Program Management Commercial Vehicles
- Commercial Sales, Service and Parts
- Paul Loewer – Senior Director, Product Planning and Product Marketing
- Matt Gostek – Director, Service and Parts
- Bob Sanseverino – Commercial Sales Director – West Region
- Lance Buchanan – Commercial Sales Director – Southeast Region
Mullen CEO David Michery stated: “It’s exciting to see the growth across our different teams and locations in California, Michigan, Indiana and Mississippi. 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.”
$MULN #MUlN feedback from customer after #BollingerMotors ride along event this week and another potential customer asking for ride along event. #MullenAutomotive pic.twitter.com/esE40Kr8a5
— ChaCha 🏦🔋🏕💦⚡️🚚1️⃣🚗5️⃣⚡️7️⃣🇰🇷🇺🇸🏈🏀🍣 (@chacha72kobe4er) January 27, 2023
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Currently trading at a $595 million market valuation with 1,696,543,863 shares outstanding MULN is among the most exciting stories happening in small caps right now. Running northbound with power since reversing off $0.18 lows the stock was heavily shorted on the way down and as the stock continues higher the shorts will be covering adding to the volatility. Recently Mullen reported a purchase order for 6,000 Class 1 EV cargo vans from Randy Marion Automotive Group valued at approximately $200 million. Speculators are looking for a break over $0.50 on this second wave northobund since the stocks reversal in December. We will be updating on MULN when more details emerge so make sure you are subscribed to Newsytrends.com by entering your email below.
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Disclosure: we hold no position in MULN either long or short and we have not been compensated for this article.