Mullen Announces a 1 for 9 Reverse Split
August 08 2023 - 9:00AM
via IBN -- Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the
“Company”), an emerging electric vehicle (“EV”) manufacturer, today
announces a 1 for 9 reverse split. The Company intends to begin
repurchasing up to $25 million in shares through a stock buyback
program after the filing of its 10-Q and upon expiration of its
blackout period.
“We believe the Company is highly undervalued and the stock
buyback program represents a compelling use of our capital,
reflecting confidence in our business," said David Michery, CEO and
chairman of Mullen Automotive.
NASDAQ Listing Rule 5810(c)(3)(H) states that, “If a Company
fails to meet the [Minimum Bid Price requirement], compliance is
generally achieved by meeting the requirement for a minimum of ten
consecutive business days. However, Staff may, in its
discretion, require a Company to [maintain a bid price of at least
$1.00 per share] for a period in excess of ten consecutive business
days, but generally no more than 20 consecutive business
days, before determining that the Company has demonstrated
an ability to maintain long-term compliance. In determining whether
to require a Company to meet the [minimum $1.00 bid price standard]
beyond ten business days, Staff will consider the following four
factors: (i) margin of compliance (the amount by which the [bid
price is above the $1.00 minimum standard]); (ii) trading volume (a
lack of trading volume may indicate a lack of bona fide market
interest in the security at the posted bid price); (iii) the Market
Maker montage (the number of Market Makers quoting at or above
$1.00 and the size of their quotes); and, (iv) the trend of the
stock price (is it up or down).” For further information, please
visit NASDAQ.com
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-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 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 whether the reverse split will bring the Company
back to compliance with Nasdaq’s minimum bid requirement and what
impact, if any, the Company buyback program will have. 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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