Mullen Automotive (NASDAQ: MULN) is on its last gasp of air when it comes to maintaining its listing on the Nasdaq. Despite two share consolidations this year, the company has failed to maintain minimum bid requirements for listing on the exchange.
Now, Mullen has reportedly received a formal notice that the company failed to regain compliance with listing standards as of the deadline of September 5. In response, Mullen has requested a hearing before the listing qualifications panel in an attempt to stave off delisting for a little while longer.
If the meeting had not been requested, the company reportedly was slated for delisting on September 15.
With the special request for a hearing, the company may be able to secure up to 180 additional days to regain compliance. Under Nasdaq listing rules, a company is required to maintain a minimum bid price of $1.00 to remain listed on the exchange.
READ: Mullen Automotive Blames Share Decline On “Unlawful Trading”
The company hasn’t traded above this minimum price level since August 17, when it briefly went as high as $1.01 per share.
There is no guarantee that the company will receive an extension, and may yet face delisting from the major exchange this month.
Mullen Automotive last traded at $0.45 on the Nasdaq.
Information for this briefing was found via Edgar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
