Mullen Automotive Inc (NASDAQ: MULN) – There was a ton of anticipation going into Monday’s trading following a busy weekend during which Lawrence Hardge appeared in multiple livestreams stating Mullen would be announcing a $10 billion contract with Saudi Arabia. While MULN did trade as high as $0.1194 shortly after the open, the stock failed to hold these gains and closed down 6.71% to $0.096 on 752 million shares traded. While a lot of big statements were made over the weekend, Mullen has yet to 8k anything and up to this point its just hearsay, not enough to keep the shorts at bay who added to their positions by well over 2 million shares today.   

Mullen did announce an important government contract today with the district of Colombia and Lawrence Hardge appeared in a livestream this afternoon from DC (more on that below) where he was busy testing the Chevy Bolt. Mr. Hardge confirmed that today’s news was NOT the $10 billion Saudi deal which as per the live streams, is expected to come within the next few weeks. We will be updating on MULN when more details emerge so make sure you are subscribed to newsytrends.com by entering your email below.

Premarket Monday, Mullen announced its 51% owned subsidiary Mullen Advanced Energy Operations (“MAEO”), will today begin execution of a $680,000 contract that was previously awarded by the District of Columbia, Washington, D.C., to EV Technologies, LLC. The contract is for the purchase and installation of Energy Management Module units on Chevrolet Bolts within the D.C. city government’s vehicle fleet.  

Mullen and EV Technologies’ team of engineers are onsite in DC today to commence installing the EMM units onto the Chevrolet Bolts and to perform the required tests included in the pilot. Previous testing indicates that Energy Management Module (“EMM”) technology substantially increases the driving range and efficiency of any current EV battery. In March 2021, Element Materials Technology conducted specific vehicle testing on 2020 Chevy Bolts installed with EMM units with test results being a calculated increase in range from 269 to 431 miles, which is a 60% increase in efficiency.   

Washington DC's city government #EVFleet is the first customer for Energy Management Module (EMM) field application. Mullen and EV Technologies engineers are onsite for vehicle installation and dyno testing.$MULN #MullenUSA #MullenCommercial #MullenAutomotive #CleanEnergy pic.twitter.com/TGOec5E7I3

— Mullen Automotive (@Mullen_USA) April 24, 2023

Mullen CEO David Michery said that this DC Project is the first of many that Mullen has planned for the new EMM technology. Indeed, as we have stated, the EMM technology could result in highly lucrative licensing deals for Mullen. During the weekend’s livestreams with the Saudi investors, it was revealed that the newly formed entity between Mr. Hardge and Mullen is looking to go live on the Saudi Stock Exchange  

On Monday Lawrence Hardge who is celebrating his birthday today did another livestream from DC where he was testing the Chevy Bolt. During the stream Mr. Hardge introduced Anthony Agnew from Mullen who stated: “We are really excited for this product and to do this first pilot program in Washington, DC. We can make a difference. We believe our test results will show that we have the secret sauce to solve many of the challenges which are brought about by EV technology.” 

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My guess for tomorrow will be the announcement of the great technology by Lawrence as well as a large purchase order of muln vans for the postal service. What are y’all’s guesses ? #MULN $muln #MullenAutomotive #MullenCommercial To me it’s screaming postal service pic.twitter.com/gfR1eT8P05

— spencer farmer (@spencerfarmer33) April 23, 2023

Lawrence Hardge went on to point out that the COO of Mullen was also on site as well as a number of engineers from Mr. Hardge’s Company, EV Technologies, LLC. Lawrence also introduced his brother, Michael Hardge who said: “This is a game changer that could save the environment. The people we are dealing with are very happy with the results coming back from the testing.”  

The tests in DC seem to be going very well. According to Lawrence Hardge “The Chevy Bollt has much more room inside than one would think. We had four big guys like myself that weigh 3 or 400 pounds and one of the guys who was former military personal from the Us Government for 30 years and he was just blown away after driving the car.” You can watch the full live stream here. 

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As we said, Mr. Hardge confirmed that today’s news was NOT the $10 billion Saudi deal which as per the live streams, is expected to come within the next few weeks. $10 billion is a big number for a Company trading at a $350 million market valuation with over 342 million shorts in the stock. Mullen is well positioned to be the leader in EV battery technology. The Company has previously invested heavily in battery management systems, drivetrains, and other technology that makes EVs more effective. Mullen also 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. While Mullen has its doubters, they continue to prove them wrong recently delivering its new Class 1 EV Cargo Vans to Randy Marion Dealerships who has ordered 6,000 of the EV cargo vans in a deal worth $200 million. We will be updating on MULN when more details emerge so make sure you are subscribed to Newsytrends.com by entering your email below. 

Disclosure: we hold no position in MULN either long or short and we have not been compensated for this article.