Summary by Moomoo AI
Mullen Automotive announced a 1-for-100 reverse stock split effective September 17, 2024, primarily aimed at meeting Nasdaq's $1.00 minimum bid price requirement. The company's common stock will continue trading under the symbol MULN with a new CUSIP number 62526P505. The split was approved by stockholders at a Special Meeting on September 9, 2024.The reverse split will automatically convert every 100 current shares into one share, with proportional adjustments to outstanding equity awards, warrants, convertible notes, and preferred stock conversion prices. No fractional shares will be issued, with all fractional shares rounded up to the nearest whole share. The split will not alter the authorized share count or par value.On September 16, 2024, Mullen received notice from Nasdaq regarding non-compliance with the minimum bid price requirement. The company plans to request a hearing before the Nasdaq Hearings Panel, which will stay any delisting action pending the hearing process. The stock must maintain a closing bid price of at least $1.00 for 10-20 consecutive business days to regain compliance.
