Mullen Announces Result of Special Meeting of Shareholders
January 25 2023 - 2:30PM
via InvestorWire -- Mullen Automotive, Inc. (NASDAQ: MULN)
(“Mullen” or the “Company”), an emerging electric vehicle (“EV”)
manufacturer, announces today after its reconvened Special Meeting
of Stockholders, that all proxy proposals have been approved.
The company has no plans at the current time to effect a reverse
split. The Company has until March 6, 2023 to meet the Nasdaq
minimum bid requirement of $1.00. If the share price of
the Company’s stock falls short of the said requirement, the
Company intends to seek an extension from NASDAQ to meet the
required threshold. If such extension is granted, compliance
of the minimum $1.00 stock share threshold requirement may be
extended for a further 180 days until approximately September 6,
2023. If the Company still falls short of the minimum bid
requirement, it will effect a reverse stock split at that time to
maintain its Nasdaq listing compliance.
Mullen is also a member of the Russell 2000 Index through June
of 2023, which requires a minimum stock price of $1.00 for
inclusion. The Russell Index will rebalance in June of 2023,
at which time, if the share price of the Company’s stock falls
short of the minimum $1.00 threshold required, Mullen will evaluate
if it is in the best interest of shareholders to initiate a reverse
stock split for continued inclusion in the Russell 2000 index.
Additional details can be found on the Company’s recently filed
SEC Form 8-K and subsequent 8-K filed post Special Meeting of
Shareholders Jan. 25, 2023.
About MullenMullen Automotive (NASDAQ: MULN) is
a Southern California-based automotive company building the next
generation of electric vehicles (“EVs”) that will be manufactured
in its two United States-based assembly plants. Mullen's EV
development portfolio includes the Mullen FIVE EV Crossover, Mullen
I-GO Commercial Urban Delivery EV, Mullen Commercial Class 1-3 EVs
and Bollinger Motors, which features both the B1 and B2 electric
SUV trucks and Class 4-6 commercial offerings. On Sept. 7, 2022,
Bollinger Motors became a majority-owned EV truck company of Mullen
Automotive, and on Dec. 1, 2022, Mullen closed on the acquisition
of all of Electric Last Mile Solutions' (“ELMS”) assets, including
all IP and a 650,000-square-foot plant in Mishawaka, Indiana.
To learn more about the Company, visit www.MullenUSA.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 how Mullen’s stock will perform, whether the Company
will be able to regain compliance with the Nasdaq and Russell Index
minimum $1.00 share price thresholds and whether the Company will
be successful in securing NASDAQ approval to extend the time period
for it to regain compliance with the minimum bid threshold.
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
Corporate Communications:InvestorBrandNetwork
(IBN) Los Angeles, California www.InvestorBrandNetwork.com
310.299.1717 Office Editor@InvestorBrandNetwork.com
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