Mullen Automotive Announces 1-for-60 Reverse Stock Split
Mullen Automotive will implement a 1-for-60 reverse stock split of its common stock, effective February 18, 2025, to meet Nasdaq’s $1.00 minimum bid price requirement. Trading on a split-adjusted basis will begin the same day under the symbol MULN, with a new CUSIP number.
Approved by stockholders and the board, the reverse split will consolidate every 60 shares into one, with proportional adjustments to outstanding equity awards, warrants, and convertible notes. No fractional shares will be issued; instead, they will be rounded up. The stock split does not change the company’s authorized shares or par value. Stockholders’ positions will be adjusted automatically.
P.O. for Two THREE
Mullen Automotive Inc. (NASDAQ: MULN), an electric vehicle manufacturer, announced a purchase order from Westland Floral for two Mullen THREE Class 3 EV trucks, customized by Phenix Truck Bodies & Van Equipment in California. The order, facilitated by Pritchard, includes approval for California HVIP incentives.
The Mullen THREE features a 38-foot turning diameter, excellent visibility for narrow streets, a versatile chassis for upfits up to 14 feet long, and a payload capacity of over 5,800 pounds. This addition to Westland’s fleet highlights the cost-effectiveness and sustainability of EVs, supported by HVIP incentives to lower operational costs and promote environmental responsibility.
Mullen’s commercial EV lineup includes the Mullen ONE (Class 1 EV cargo van) and the Mullen THREE, designed for urban last-mile delivery and compliant with U.S. safety and emissions standards. Both vehicles qualify for various state and federal incentives, offering significant savings to fleet customers, such as up to $45,000 in California rebates and a $7,500 Federal Tax Incentive.
Mullen Automotive Reports FY 2024 Results Amidst Challenges
Mullen Automotive Inc., an electric vehicle (EV) manufacturer, reported a net loss of $471 million for fiscal year 2024, down from $964.9 million in 2023. Revenue grew to $1.1 million, though costs resulted in a $15.8 million gross loss.
CEO David Michery highlighted hurdles like market shifts and economic conditions but emphasized Mullen’s focus on the commercial EV market. The company achieved certifications to sell its EV cargo vans and trucks, produced hundreds of vehicles, and plans to cut costs to achieve breakeven by December 2025.
Despite stock performance struggles, Michery remains optimistic, citing Mullen’s U.S. production of three EV lines and the potential of its assets. The company aims to leverage its competitive advantage in the commercial sector to grow in 2025.
California Universities Expand Fleet with Additional Mullen EV Cargo Vans
Mullen Automotive, Inc. has secured additional orders for five Mullen ONE, Class 1 EV cargo vans from two major California universities located in Los Angeles and the San Francisco Bay Area. These orders, fulfilled by Mullen’s dealer partners Papé Group and Randy Marion Automotive Group, highlight the increasing demand for Mullen’s electric vehicles. The compact and efficient Mullen ONE is ideal for campus-related tasks, aligning with institutions’ sustainability goals to reduce carbon emissions. Mullen’s CEO, David Michery, emphasized the significance of repeat orders, demonstrating the reliability and value of their EV lineup, which includes the Mullen ONE and the Mullen THREE, both meeting stringent U.S. emissions and safety standards.
Mullen Expands U.S. Battery Production with Additional Nikola Equipment Purchase
Mullen Automotive (NASDAQ: MULN) is advancing its U.S. battery production capabilities with the acquisition of additional battery line equipment from Nikola Corporation for its Fullerton, California, facility. The new assets include a high-volume battery production line and an electro-dynamic shaker system for in-house testing. Once installed, Mullen will operate multiple high-volume and R&D battery lines, along with a full testing laboratory. This expansion aligns with Mullen’s strategy to produce American-made battery packs, reduce reliance on foreign components, and support broader industry applications. The company has also submitted a $55 million funding request to the U.S. Department of Energy to enhance its domestic manufacturing efforts.