Mullen Automotive Confirms it has Filed an Appeal to Nasdaq Staff Delisting Letter
September 07 2023 - 11:35AM
via InvestorWire -- Mullen Automotive Inc. (NASDAQ: MULN) (“Mullen”
or the “Company”), an emerging electric vehicle (“EV”)
manufacturer, today announced that it has requested a hearing
before the Nasdaq Listing Qualifications Panel (“Panel”) to appeal
the determination by the Listing Qualifications Department of The
Nasdaq Stock Market (the “Staff”) and request a further extension
of time and present its plan to regain compliance with Nasdaq
Listing 5550(a)(2).
The Staff’s determination, which Mullen received on Sept. 6,
2023, indicates that the Company did not meet the Staff’s Sept. 5,
2023, deadline to regain compliance with Nasdaq Listing 5550(a)(2)
due to the Company’s failure to maintain a minimum bid price of
$1.00.
The requested appeal typically stays any delisting or suspension
action pending the issuance of a final decision by the Panel. The
Panel has broad discretionary public interest authority, which
includes the discretion to grant the Company up to an additional
180 calendar days from Sept. 5, 2023, to regain compliance. The
Panel can also exercise that authority to apply additional or more
stringent criteria for the continued listing of the Company’s
common stock or suspend or delist securities. Ultimately, there is
no guarantee that the Panel will grant an extension of the
compliance period.
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 the date the Panel will hear the appeal; whether
Mullen will satisfy the Panel on a plan for regaining compliance
and the outcome of the Appeal. 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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