Current Report Filing (8-k)
September 09 2022 - 4:32PM
Edgar (US Regulatory)
0001499961
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0001499961
2022-09-07
2022-09-07
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): |
September 7, 2022 |
|
MULLEN AUTOMOTIVE INC.
__________________________________________________
(Exact name of registrant as specified in its charter)
Delaware |
001-34887 |
86-3289406 |
(State or other jurisdiction of
incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
1405 Pioneer Street, Brea, California 92821
(Address, including
zip code, of principal executive offices)
Registrant’s telephone number, including area code |
(714) 613-1900 |
|
(Former name or former address, if changed since
last report.)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.
below):
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
|
Title of each class |
Trading symbol(s) |
Name of each exchange on which registered |
Common Stock, par value $0.001 |
MULN |
The Nasdaq Stock Market, LLC
(Nasdaq Capital Market) |
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities
Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act. ☐
Item 3.01 Notice of Delisting of Failure to Satisfy a Continued
Listing Rule or Standard; Transfer of Listing.
On September 7, 2022, Mullen Automotive Inc. (the “Company”)
received a letter from the Listing Qualifications Staff (the “Staff”) of the Nasdaq Stock Market LLC (“Nasdaq”)
indicating that the bid price of the Company’s common stock, par value $0.001 per share (the “Common Stock”),
had closed below $1.00 per share for 30 consecutive business days and, as a result, the Company is not in compliance with Nasdaq Listing
Rule 5550(a)(2), which sets forth the minimum bid price requirement for continued listing on the Nasdaq Capital Market (the “Minimum
Bid Requirement”). Nasdaq’s notice has no immediate effect on the listing of the Company’s ordinary shares on Nasdaq.
Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has 180
calendar days, until March 6, 2023, to regain compliance with the Minimum Bid Requirement. To regain compliance, the closing bid price
of the Company’s Common Stock must be at least $1.00 per share for a minimum of ten consecutive business days during this 180-day
period, at which time the Staff will provide written notification to the Company that it complies with the Minimum Bid Requirement, unless
the Staff exercises its discretion to extend this ten-day period pursuant to Nasdaq Listing Rule 5810(c)(3)(G).
If the Company does not regain compliance with the bid price requirement
by March 6, 2023, the Company may be eligible for an additional 180-calendar day compliance period so long as it satisfies the criteria
for initial listing on the Nasdaq Capital Market and the continued listing requirement for market value of publicly held shares and the
Company provides written notice to Nasdaq of its intention to cure the deficiency during the second compliance period by effecting a reverse
stock split, if necessary. In the event the Company is not eligible for the second grace period, the Nasdaq Staff will provide written
notice that the Common Stock is subject to delisting; however, the Company may request a hearing before the Nasdaq Hearings Panel (the
“Panel”), which request, if timely made, would stay any further suspension or delisting action by the Staff pending
the conclusion of the hearing process and expiration of any extension that may be granted by the Panel. There can be no assurance that,
if the Company does appeal the delisting determination by the Staff to the Panel, that such appeal would be successful, or that the Company
will be able to regain compliance with the Minimum Bid Requirement or maintain compliance with the other Nasdaq listing requirements.
If the Common Stock ceases to be listed for trading on the Nasdaq Capital Market, the Company would expect that the Common Stock would
be traded on one of the three tiered marketplaces of the OTC Markets Group.
The Company intends to closely monitor the closing bid price of the
Common Stock and consider all available options to remedy the bid price deficiency to regain compliance with the Minimum Bid Requirement.
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto
duly authorized.
|
MULLEN AUTOMOTIVE INC. |
|
|
|
Date: September 9, 2022 |
By: |
/s/ David Michery |
|
|
David Michery |
|
|
Chief Executive Officer |
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