Mullen Receives Favorable Decision from Nasdaq Hearings Panel
October 26 2023 - 9:25AM
via IBN -- Mullen Automotive Inc. (NASDAQ: MULN) (“Mullen” or the
“Company”), an emerging electric vehicle (“EV”) manufacturer,
announces today that the Nasdaq Hearings Panel (“Panel”) has
granted Mullen’s request to continue its listing on The Nasdaq
Capital Market, subject to the following conditions:
- on or before Jan. 22, 2024, the Company must demonstrate
compliance with Listing Rule 5550(a)(2), by maintaining a closing
bid price of $1 per share for 20 consecutive trading sessions;
and
- on or before March 8, 2024, the Company must demonstrate
compliance with Listing Rule 5620(a) by holding an annual
shareholder meeting.
While the Company held an annual meeting on Aug. 3, 2023, and
the proposals that were approved at such meeting including the
election of directors are, and remain, valid, the Nasdaq Listing
Qualifications Department determined that the meeting did not
satisfy Listing Rule 5620(a) since the Company did not afford
stockholders the opportunity to discuss Company affairs with
management at the meeting. In order to demonstrate compliance, the
Company plans to hold a combined 2023 and 2024 annual meeting.
“I am pleased Nasdaq gave the Company this opportunity to
continue implementing its business plan. We are diligently working
to regain and maintain compliance with Nasdaq’s continued listing
requirements,” said David Michery, CEO and chairman of Mullen
Automotive.
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 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 whether the Nasdaq Listing and Hearing Review Council
will review and if so, uphold the decision made by the Panel and
whether the Company will be successful in regaining and maintaining
Nasdaq listing compliance. 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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