Mullen Addresses Concerns Regarding Recent Stock Performance
April 28 2023 - 8:00AM
via IBN -- Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the
“Company”), an emerging electric vehicle (“EV”) manufacturer,
announces today that it is taking certain affirmative steps in
light of the extraordinary trading volume and evidence of unusually
high levels of failure to deliver on short sales as reported to the
U.S. Securities and Exchange Commission. These steps include
retaining outside counsel, which is working with Shareholder
Intelligence Services LLC (“ShareIntel”) to undertake 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.
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.
About Mullen
Mullen 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.
About Shareholder Intelligence Services,
LLC:
Shareholder Intelligence Services (“ShareIntel”)
is a patented, compliance-driven SAAS retained by public companies
to track shareholder ownership and monitor broker-dealer and
shareholder movement. Learn more at www.shareintel.com.
Forward-Looking Statements Certain 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 the Company’s stock will perform and whether the
Company will be required to implement a reverse stock split to
regain compliance with Nasdaq’s minimum bid requirement sooner than
anticipated. 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,
Californiawww.InvestorBrandNetwork.com310.299.1717
OfficeEditor@InvestorBrandNetwork.com
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