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Thursday, June 1, 2023

Mullen Automotive, Inc. (NASDAQ: MULN) Rising Friday, Launches Investigation into Unusually High Levels of (FTDs) on Short Sales + Big News Comes out of DC on Chevy Bolt Testing

Mullen Automotive, Inc. (NASDAQ: MULN) had a big day on Friday closing up 13.25% at $0.0769 on 648 million shares traded and was up again in afterhours to $0.0788. The reversal northbound comes after MULN hit all-time lows of $0.0657 on Thursday in a week during which shorts increased their positions to just under 400 million. 

Mullen announced a number of important updates on Friday as did Lawrence who is out of the Hospital and back in DC back testing the Bolt. According to Lawrence the project in DC is going very well. He did say he would be taking some time off social media as well. Investors have high hopes for next week. Both Lawrence and David have stated that big things are coming, 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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In a big announcement: On Friday Mullen announced it is taking certain affirmative steps in light of the extraordinary trading volume which is not surprising after this week and evidence of unusually high levels of failure to deliver (FTDs) on short sales as reported to the SEC. Mullen has retained outside counsel which will be working with  Shareholder Intelligence Services LLC (ShareIntel) to conduct a comprehensive analysis of data derived from broker-dealers, clearing firms and other sources to provide actionable intelligence on potential market manipulation and illegal short selling.   

MULLEN’s press release pointed out that “ShareIntel offers unique access and insight into shareholder position movements and the ability to proactively track equity flows and identify suspicious, aberrant and/or unusual trading activity. As a fiduciary to its shareholders, the Company will do everything in its power to address any evidence of improper trading in Mullen securities.”

Mullen also provided an update on its EMM installations for the DC City Government’s $680,000 contract. Mullen’s engineers are busy installing Lawrence’s Energy Management Module (‘EMM’) (black box) technology on 40 Chevrolet Bolts within the D.C. city government’s vehicle fleet after starting the project this past Monday. Mullen 51% owned (MAEO) began testing and installing EMM units this week in Washington, D.C. along with its partner Lawrence Hardge’s Global EV Technology. The initial phase of the contract requires vehicle calibration testing on a dynamometer. Mullen and EV Technologies’ engineers were onsite in D.C. this week performing the required tests, including the dyno testing, with the first wave of vehicles already completed. The phase 2 planned for next week includes the installation of the EMM units and a second dyno test before the chevy Bolts are placed back into rotation for the D.C. city government to use. 

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Previous testing as reported by Mullen last week indicates that Lawrence’s EMM technology substantially increases the driving range and efficiency of any EV. In March 2021, Element Materials Technology conducted specific vehicle testing on 2020 Chevy Bolts installed with EMM units, with test results indicating a calculated increase in range from 269 to 431 miles; a 60% increase in efficiency.

We have written a previous article called Lawrence Hardge and Mullen are a match made in heaven as both have been on the cutting edge of EV battery innovation for years. As we said on Friday Lawrence was back in DC testing the Chevy Bolt. He did say he would be taking some time off from social media.

As we have been saying, Mullen is well positioned to be a leader in EV battery technology. Mullen has already invested significant sums of money in battery management systems, drivetrains, and other technology that makes EVs more effective as the successor Company to Coda Automotive.  Recently, Mullen 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. Investors have high hopes for Mullen here, while the Company has had its doubters, Mullen continues to prove them all wrong recently delivering its new Class 1 EV Cargo Vans to Randy Marion Dealerships, a major us auto dealer who ordered 6,000 of the EV cargo vans in a deal worth $200 million 

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Things have clearly been a success in Washington DC as both Lawrence and David have pointed out. David Michery stated on Friday: “I am very pleased with the progress the team has made this week executing the D.C. plan on time. We are expecting next week to have EMM units installed and vehicles back in rotation for the D.C. city fleet.”   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.

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