Mullen Automotive, Inc. (MULN) shares experienced a volatile day on Tuesday, following a 1-for-100 reverse stock split that took effect. The stock opened higher but quickly reversed course, ending the session down more than 11%. This decline comes on the heels of a month-long slump that has seen MULN shares drop by 61%.
Despite the negative price action, Mullen Automotive announced a positive development: the addition of full-service dealer Papé Kenworth to its commercial EV dealer network. Papé Group, which includes Papé Kenworth, boasts an impressive footprint with over 150 locations across nine states, equipped with 815 service bays and over 1,500 technicians. This partnership represents a significant step forward for Mullen Automotive, aiming to broaden the reach of its commercial EVs.
“Papé Kenworth is a hallmark dealer and distributor with unmatched and deep experience in supporting the nation’s fleet to meet its equipment and logistics needs,” said David Michery, CEO and chairman of Mullen Automotive. “Their extensive reach and expertise in the commercial vehicle industry will play a crucial role in introducing Mullen’s commercial EVs to a broader market.”
For investors interested in gaining exposure to MULN, there are various avenues beyond purchasing shares directly through a brokerage platform. One option is to invest in an exchange-traded fund (ETF) that holds MULN stock. Another approach is to allocate funds within a 401(k) to a strategy that seeks to acquire shares in a mutual fund or other instrument that includes MULN. As Mullen Automotive operates within the Consumer Discretionary sector, ETFs that track this sector may provide investors with broad exposure to the trends within this segment.
At the time of writing, Mullen Automotive shares were trading at $10.48, down 11.7% for the day. It remains to be seen how the company will navigate the volatile market conditions and capitalize on its recent partnership with Papé Kenworth.
