Mullen Automotive Inc., an electric vehicle manufacturer listed on NASDAQ under the symbol MULN, announced the implementation of a 1-for-100 reverse stock split effective September 17, 2024. The action was taken to comply with the Nasdaq's minimum bid price requirement. Despite the reverse stock split increasing the stock's bid price to at least $1.00 for four consecutive business days, there is no assurance that the company will maintain the minimum bid price over the required period or that Nasdaq will grant continued listing following a hearing. The reverse stock split was approved by stockholders on September 9, 2024, and the company's board of directors determined the final ratio. The split adjusted the number of shares and the conversion and exercise prices of...Show More

Mullen Automotive Inc., an electric vehicle manufacturer listed on NASDAQ under the symbol MULN, announced the implementation of a 1-for-100 reverse stock split effective September 17, 2024. The action was taken to comply with the Nasdaq's minimum bid price requirement. Despite the reverse stock split increasing the stock's bid price to at least $1.00 for four consecutive business days, there is no assurance that the company will maintain the minimum bid price over the required period or that Nasdaq will grant continued listing following a hearing. The reverse stock split was approved by stockholders on September 9, 2024, and the company's board of directors determined the final ratio. The split adjusted the number of shares and the conversion and exercise prices of warrants, preferred stock, and convertible securities, but did not change the authorized number of shares or the par value. No fractional shares were issued; instead, fractional shares were rounded up to the nearest whole share. Mullen Automotive began trading on a split-adjusted basis on September 17, 2024, with a new CUSIP number. The company has also recently expanded its commercial dealer network and announced Foreign Trade Zone status for its Mississippi manufacturing center, which provides certain tax benefits.