Current Report Filing (8-k)
September 09 2022 - 04:32PM
Edgar (US Regulatory)
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2022-09-07 iso4217:USD xbrli:shares iso4217:USD xbrli:shares
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act
of 1934
Date of
Report (Date of earliest event reported): |
September 7, 2022 |
|
MULLEN AUTOMOTIVE INC.
__________________________________________________
(Exact name of registrant as specified in its charter)
Delaware |
001-34887 |
86-3289406 |
(State or
other jurisdiction of
incorporation) |
(Commission
File Number) |
(IRS
Employer Identification No.) |
1405 Pioneer Street,
Brea,
California
92821
(Address, including zip code, of principal executive offices)
Registrant’s
telephone number, including area code |
(714)
613-1900 |
|
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (see General Instruction A.2.
below):
¨Written communications
pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
¨Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
¨Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b))
¨Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c))
Securities registered
pursuant to Section 12(b) of the Act:
|
Title of
each class |
Trading
symbol(s) |
Name of
each exchange on which registered |
Common Stock, par value $0.001 |
MULN |
The Nasdaq Stock Market, LLC
(Nasdaq Capital Market) |
Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (17
CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934
(17 CFR §240.12b-2).
Emerging growth company
¨
If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period
for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act.
☐
Item 3.01 Notice of Delisting of Failure to Satisfy a Continued
Listing Rule or Standard; Transfer of Listing.
On September 7, 2022, Mullen Automotive Inc. (the “Company”)
received a letter from the Listing Qualifications Staff (the
“Staff”) of the Nasdaq Stock Market LLC (“Nasdaq”)
indicating that the bid price of the Company’s common stock, par
value $0.001 per share (the “Common Stock”), had closed
below $1.00 per share for 30 consecutive business days and, as a
result, the Company is not in compliance with Nasdaq Listing Rule
5550(a)(2), which sets forth the minimum bid price requirement for
continued listing on the Nasdaq Capital Market (the “Minimum Bid
Requirement”). Nasdaq’s notice has no immediate effect on the
listing of the Company’s ordinary shares on Nasdaq.
Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has 180
calendar days, until March 6, 2023, to regain compliance with the
Minimum Bid Requirement. To regain compliance, the closing bid
price of the Company’s Common Stock must be at least $1.00 per
share for a minimum of ten consecutive business days during this
180-day period, at which time the Staff will provide written
notification to the Company that it complies with the Minimum Bid
Requirement, unless the Staff exercises its discretion to extend
this ten-day period pursuant to Nasdaq Listing Rule
5810(c)(3)(G).
If the Company does not regain compliance with the bid price
requirement by March 6, 2023, the Company may be eligible for an
additional 180-calendar day compliance period so long as it
satisfies the criteria for initial listing on the Nasdaq Capital
Market and the continued listing requirement for market value of
publicly held shares and the Company provides written notice to
Nasdaq of its intention to cure the deficiency during the second
compliance period by effecting a reverse stock split, if necessary.
In the event the Company is not eligible for the second grace
period, the Nasdaq Staff will provide written notice that the
Common Stock is subject to delisting; however, the Company may
request a hearing before the Nasdaq Hearings Panel (the
“Panel”), which request, if timely made, would stay any
further suspension or delisting action by the Staff pending the
conclusion of the hearing process and expiration of any extension
that may be granted by the Panel. There can be no assurance that,
if the Company does appeal the delisting determination by the Staff
to the Panel, that such appeal would be successful, or that the
Company will be able to regain compliance with the Minimum Bid
Requirement or maintain compliance with the other Nasdaq listing
requirements. If the Common Stock ceases to be listed for trading
on the Nasdaq Capital Market, the Company would expect that the
Common Stock would be traded on one of the three tiered
marketplaces of the OTC Markets Group.
The Company intends to closely monitor the closing bid price of the
Common Stock and consider all available options to remedy the bid
price deficiency to regain compliance with the Minimum Bid
Requirement.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this Report to be signed on
its behalf by the undersigned hereunto duly authorized.
|
MULLEN
AUTOMOTIVE INC. |
|
|
|
Date:
September 9, 2022 |
By: |
/s/
David Michery |
|
|
David
Michery |
|
|
Chief
Executive Officer |
Mullen Automotive (NASDAQ:MULN)
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