Mullen Automotive’s stock took a significant dip on Tuesday, despite the company announcing a new partnership with Papé Kenworth to expand its commercial EV dealer network. The decline follows a 1-for-100 reverse stock split, which began trading on Tuesday.
Mullen Automotive’s stock price is taking a hit today after the company announced a 1-for-100 reverse stock split, aimed at boosting its share price to meet Nasdaq listing requirements. However, the move has raised concerns among investors.
Mullen Automotive’s stock (MULN) continues its downward trend, despite a new partnership between its subsidiary, Bollinger Motors, and Texas Consulting & Development (TCD). This partnership will see Bollinger B4 Class 4 trucks used in TCD’s bundled service for ports and related industries, aiming to boost Bollinger’s market penetration and clean energy solutions.
Mullen Automotive, Inc. (MULN) stock surged after the company secured a significant purchase agreement with UAE’s Volt Mobility. The deal involves the delivery of 3,000 Class 1 and Class 3 electric cargo vans and trucks over the next 16 months, generating an estimated $210 million in revenue for Mullen. Volt plans to lease these vehicles to businesses across the Middle East, signifying Mullen’s expansion into a new market.
