Mullen Automotive Inc (NASDAQ: MULN) – On Friday Mullen reversed off $1.01 all-time lows and while the move may not have seemed significant at the time, Friday’s reversal could catapult MULN northbound from here this coming week. The $1 bounce is legendary in small caps circles because it happens so frequently and Mullen is the perfect candidate; let me explain why. Mullen stock has a long, long history of bouncing off resistance levels; just over the past year and a half it made two such moves. On February 24, 2022 after months of downward pressure Mullen reversed off $0.52 ($13 post-split) and rocketed up to a high of $4.16 ($104) post-split for a 900% run in 3 weeks. More recently in October of last year, Mullen moved 300% in a matter of days when it bounced off $0.20 ($5 post-split) and ran to $0.60 + ($15 post-split).   

Mullen has a long history of bouncing off important resistance levels and the timing could not be better for a major reversal northbound from here. Shorts failed to get the price under $1 last week before Mullen regained its compliance keeping it on the Nasdaq and the Russel. While some may not see the significance of this, it was one of the shorts main talking points and they failed completely. They launched another attack at the end of the week tripping the SEC’s short sale circuit breaker and making it onto the SSR list. On Friday the shorts managed to get it to an all-time low of $1.01 before Mullen began reversing northbound into the close; a very positive indicator for the coming week.  We will be updating on MULN when more details emerge so make sure you are subscribed to newsytrends.com by entering your email below.

There are a number of other factors that also suggest MULN is not going any lower; at current price levels Mullen trades at a market valuation of just over $150 million. As we have reported before there are pink sheet Company’s whose corporate offices may or may not exist that trade at higher valuations than that. While EV stocks in general have seen massive declines since their heyday in 2021, most of Mullens competitors still trade at multibillion dollar market valuations including some who are pre-production. Mullen currently represents the highest reward/risk of them all as the Company prepares to go into mass production, the potential upside is significant. Especially as the EV market heats up again, and it’s only a matter of time before it does.   

$MULN #MULN new hire 🚨 Looks like B1/B2 is getting accelerated and Five getting push out. Sales Director Consumer Product Line – "Lead consumer vehicle (B1 + B2) product line development and re-launch." The Chief Engineer role has already been filled and Mishawaka is ready pic.twitter.com/rv3kDUjwx4

— ChaCha 🏦🔋🏕💦⚡️🚚1️⃣🚗5️⃣⚡️7️⃣🇰🇷🇺🇸🏈🏀🍣 (@chacha72kobe4er) May 19, 2023

After the recent acquisition of Bolinger, David Michery prioritized the production of the B1 SUV and the B2 pickup and recent events suggest that B1/B2 production is being accelerated. Bollinger made a huge splash when it first unveiled its B1 and B2 class 1 EV trucks at the LA auto show in 2019 revealing at the time that the B1 and B2 had been drawing interest from several world governments for military service. Both the B1 and B2 are stunning EVs that scream ruggedness and utility, with all kinds of neat features like fold-up rear windows that expand the amount of storage and tons of locked storage spaces. The flagship feature is the pass-through that allows the truck to carry a sizable number of long boards stored from the frunk, through the passenger compartment, and out to the rear of the vehicle. The layout is reminiscent of the original Hummer, with tons of lateral space that feels more like a small room than a truck cabin.   

Mullen news… https://t.co/zA8Zw2Yo3y

— David Michery (@DavidMichery) May 20, 2023

Both the B1 and the B2 pickup come equipped with a dual motor powertrain that generates 614 horsepower and 688 lb-feet of torque. They go from 0 to 60 in 4.5 second and have a 7,500-towing capability. People were so impressed with the B1 and the B2 when they were first unveiled  that the story was picked up by mainstream media and Bollinger got tons of publicity. Even Jay Leno was driving a Bollinger around on his show. All this massive publicity resulted in the Bollinger getting nearly 50,000 pre orders for the B1 and B2 valued at around $6 billion ($125k per vehicle). This number is not just coming from Bollinger; it’s been confirmed by multiple reliable media sources and when Mullen acquired Bollinger Motors in September of last year, they confirmed in the press releases that Bollinger brings Mullen nearly 50,000 reservations previously taken for the B1 and B2 sport utility vehicles.  

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Class 3 has arrived! Hardge said they will only put out news if it is a FACT! $MULN @chacha72kobe4er
We need to chill with the phone calls & traffic on Randy’s lot if we are not buying. He is pretty fed up with investors now! pic.twitter.com/dMFWw9iesF

— Dish (@Dish11808064) May 16, 2023

In the past Mullen certainly diluted the stock and this remains one of the shorts main talking points however, Mullen diluted to build the Company into what it is today. Michery was able to acquire CODA, a Company once valued at well over $300 million for pennies on the dollar, cementing Mullen as a leader in EV battery technology currently with two facilities in Monrovia and Detroit dedicated 100% to advancing the Company’s lithium-ion battery packs. He acquired electric last mile solution, a Company that went public in a $1.4 billion spac deal, giving Mullen the Hummer manufacturing facility in Indiana which was retrofitted to manufacture 100,000 Hummers before Mullen took it over. Mullen also acquired its Tunica Mississippi manufacturing facility where they are currently building out a 1.2 million square ft expansion. 

While the market may value Mullen as if the Company is dead that could not be farther from the truth; Mullen is thriving with close to $100 million in cash in the treasury and is currently entering mass production. The Company’s strategy of assembling vehicles for offshore manufacturers to produce revenue and fund its advance has been a striking success. Mullen has already received $279 million in purchase orders from Randy Marion Automotive for its Class 1 and 3 trucks. Mullen currently has many irons in the fire; the Menzies pilot program for the M1 vans at LAX, I-Go commercial EV’s in Europe, the $680,000 contact with the DC government and Lawrence’s $10 billion Saudi deal which is also currently heating up just to name a few. 

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Mullen Automotivei is a Southern California-based automotive company building the next generation of electric vehicles (EVs) that will be manufactured in two Company-owned United States-based assembly plants in Mississippi and Indiana. Mullen’s EV development portfolio includes the Mullen FIVE EV Crossover, Mullen Commercial Class 1 and 3 EVs and Bollinger Motors, which features both the B1 and B2 electric SUV trucks and Class 4-6 commercial offerings. The Company has enormous support among retail investors as well as over 212 institutional investors led by Blackrock and Vanguard. Mullen also has a deal with Rapid Response Defense Systems (RRDS), a major government contractor to fast-track U.S. Federal Government opportunities for potential large-scale vehicle fleet orders. 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.