Mullen Automotive to be Added to the Russell 2000® and 3000® Indexes
June 06 2022 - 8:30AM
via InvestorWire -- Mullen Automotive, Inc. (NASDAQ: MULN)
(“Mullen” or the “Company”), an emerging electric vehicle (“EV”)
manufacturer, announces today that the company will be joining the
Russell 2000® and 3000® Indexes on June 27, 2022, after the market
opens, according to a preliminary list of additions posted by FTSE
Russell on June 3, 2022. The stock will also be automatically added
to the appropriate growth and value indexes.
Annual reconstitution of the Russell indexes captures the 4,000
largest U.S. stocks as of May 6, 2022, ranking them by total market
capitalization. Membership in the Russell 3000® Index, which
remains in place for one year, means automatic inclusion in the
large-cap Russell 1000®Index or small-cap Russell 2000® Index as
well as the appropriate growth and value style indexes. FTSE
Russell determines membership for its Russell indexes primarily by
objective, market-capitalization rankings and style attributes.
"The inclusion of Mullen Automotive shares in the Russell 2000®
and 3000® Indexes, which are some of the stock market's top
performance benchmarks, is a great honor," said David Michery, CEO
and chairman of Mullen Automotive. "I believe that our inclusion in
the Russell Indexes will bring Mullen Automotive great visibility
within the institutional investment community. This is an excellent
milestone for our Company, which will provide increased liquidity
and investor awareness.”
Russell indexes are widely used by investment managers and
institutional investors for index funds and as benchmarks for
active investment strategies. Approximately $10.6 trillion in
assets are benchmarked against Russell’s U.S. indexes. Russell
indexes are part of FTSE Russell, a leading global index
provider.
For more information on the Russell 3000® Index and the Russell
indexes reconstitution, go to the “Russell Reconstitution” section
on the FTSE Russell website.
Mullen recently announced the “Strikingly Different” U.S. Test
Drive Tour for the Mullen FIVE EV Crossover, covering 19 cities
across the U.S. The tour will begin this fall in Southern
California and work its way throughout the U.S. Further details can
be found here, or place your Mullen FIVE reservation here.
About MullenMullen is a Southern
California-based automotive company that owns and partners with
several synergistic businesses working toward the unified goal of
creating clean and scalable energy solutions. Mullen has evolved
over the past decade in sync with consumers and technology trends.
Today, the Company is working diligently to provide exciting EV
options built entirely in the United States and made to fit
perfectly into the American consumer’s life. Mullen strives to make
EVs more accessible than ever by building an end-to-end ecosystem
that takes care of all aspects of EV ownership.
About FTSE RussellFTSE Russell is a global
index leader that provides innovative benchmarking, analytics and
data solutions for investors worldwide. FTSE Russell calculates
thousands of indexes that measure and benchmark markets and asset
classes in more than 70 countries, covering 98% of the investable
market globally.
FTSE Russell index expertise and products are used extensively
by institutional and retail investors globally. Approximately $17.9
trillion is currently benchmarked to FTSE Russell indexes. For over
30 years, leading asset owners, asset managers, ETF providers and
investment banks have chosen FTSE Russell indexes to benchmark
their investment performance and create ETFs, structured products
and index-based derivatives.
A core set of universal principles guides FTSE Russell index
design and management: a transparent rules-based methodology is
informed by independent committees of leading market participants.
FTSE Russell is focused on applying the highest industry standards
in index design and governance and embraces the IOSCO Principles.
FTSE Russell is also focused on index innovation and customer
partnerships as it seeks to enhance the breadth, depth and reach of
its offering.
FTSE Russell is wholly owned by London Stock Exchange Group.
For more information, visit www.ftserussell.com.
Forward-Looking StatementsCertain statements in
this press release that are not historical facts are
forward-looking statements within the meaning of Section 27A of the
Securities Exchange Act of 1934, as amended. Any statements
contained in this press release that are not statements of
historical fact may be deemed forward-looking statements. Words
such as "continue," "will," "may," "could," "should," "expect,"
"expected," "plans," "intend," "anticipate," "believe," "estimate,"
"predict," "potential," and similar expressions are intended to
identify such forward-looking statements. All forward-looking
statements involve significant risks and uncertainties that could
cause actual results to differ materially from those expressed or
implied in the forward-looking statements, many of which are
generally outside the control of Mullen and are difficult
to predict. Examples of such risks and uncertainties include but
are not limited to whether the preliminary list of additions posted
by FTSE Russell on June 3, 2022, will result in the final listing
of the Company and result in our stock being automatically added to
the appropriate growth and value indexes; whether the Company’s
inclusion in the Russell Indexes will result in the anticipated
visibility with institutional investors or result in increased
liquidity; or whether the “Strikingly Different” U.S. Test Drive
Tour will occur within the stated timelines. Additional examples of
such risks and uncertainties include, but are not limited to
(i) Mullen’s ability (or inability) to obtain additional
financing in sufficient amounts or on acceptable terms when needed;
(ii) Mullen's ability to maintain existing, and secure
additional, contracts with manufacturers, parts and other service
providers relating to its business;
(iii) Mullen’s ability to successfully expand in existing
markets and enter new markets; (iv) Mullen’s ability to
successfully manage and integrate any acquisitions of businesses,
solutions or technologies; (v) unanticipated operating costs,
transaction costs and actual or contingent liabilities; (vi) the
ability to attract and retain qualified employees and key
personnel; (vii) adverse effects of increased competition
on Mullen’s business; (viii) changes in government
licensing and regulation that may adversely
affect Mullen’s business; (ix) the risk that changes in
consumer behavior could adversely affect Mullen’s
business; (x) Mullen’s ability to protect its
intellectual property; and (xi) local, industry and general
business and economic conditions. Additional factors that could
cause actual results to differ materially from those expressed or
implied in the forward-looking statements can be found in the most
recent annual report on Form 10-K, quarterly reports on Form 10-Q
and current reports on Form 8-K filed by Mullen with
the Securities and Exchange
Commission. Mullen anticipates that subsequent events and
developments may cause its plans, intentions and expectations to
change. Mullen assumes no obligation, and it specifically
disclaims any intention or obligation, to update any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as expressly required by law.
Forward-looking statements speak only as of the date they are made
and should not be relied upon as representing Mullen’s plans and
expectations as of any subsequent date.
Contact:Mullen Automotive, Inc.+1 (714)
613-1900www.MullenUSA.com
Wire Service Contact:InvestorWire (IW) Los
Angeles, Californiawww.InvestorWire.com212.418.1217
OfficeEditor@InvestorWire.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/c7012637-1fc4-439f-84f1-92fddfbc61ff
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