Mullen Trades Above $1 Minimum Bid Price Requirement for 10 Consecutive Days
May 18 2023 - 7:30AM
via IBN -- Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the
“Company”), an emerging electric vehicle (“EV”) manufacturer,
announces today that its stock has traded above Nasdaq’s $1 minimum
bid price requirement for 10 consecutive days.
On Sept. 7, 2022, Nasdaq provided notice to the Company that,
based on the previous 30 consecutive business days, the Company’s
listed common stock no longer met the minimum $1 bid price per
share requirement as set forth in Nasdaq Listing Rule
5810(c)(3)(A)(ii) (the “Deficiency”). The Company was provided 180
calendar days, or until March 6, 2023, to regain compliance. On
March 8, 2023, Nasdaq approved the Company’s request for a 180-day
extension, through Sept. 5, 2023, to meet the $1 minimum bid price
requirement. The Company implemented a reverse stock split to
cure the Deficiency, which was effective as of May 4, 2023.
As of May 17, 2023, Mullen’s common stock has traded above $1
for 10 consecutive business days, and the Company awaits
confirmation from Nasdaq that it meets Nasdaq’s requirements for
continued listing as a result thereof.
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 two Company-owned United States-based assembly plants. 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. 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, Mullen’s ability to maintain compliance with
continued listing requirements of the Nasdaq Capital Market.
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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