Mullen Automotive To Conduct 1 For 25 Reverse Split On May 4
Mullen Automotive (NASDAQ: MULN) is about to have a lot less shares outstanding. The firm this afternoon issued a mid-session press release indicating that they will be conducting a reverse stock split.
The reverse stock split is to be conducted at a 1-for-25 ratio, meaning shareholders will receive 1 post-consolidation share for every 25 pre-consolidation shares held in the company. The reverse split is set to go into effect as of May 4, 2023.
The consolidation is being implemented as a means of the company meeting Nasdaq requirements for equities to trade above a price of $1.00 per share in order to maintain a listing. The consolidation was previously approved by shareholders at the firms Special Meeting of Stockholders on January 19.
The announcement follows the news this morning that the company has a total of $263 million in outstanding purchase orders from Randy Marion Automotive Group, after the company yesterday secured a $63 million order for the purchase of 1,000 Class 3 low cab forward EV trucks.
The consolidation follows the company issuing a remarkable 1.67 billion shares over the course of 2022, of which 860.2 million were issued in the fourth quarter alone.
Mullen Automotive last traded at $0.063 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.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.
