Oil prices rebound sharply on smaller-than-feared OPEC+ output hike
BREA, Calif. - Bollinger Innovations, Inc. (NASDAQ:BINI), an electric vehicle manufacturer, announced Thursday it will implement a 1-for-250 reverse stock split effective September 22, 2025, primarily to maintain compliance with Nasdaq’s $1.00 minimum bid price requirement. The announcement comes as the company’s stock, currently trading at $0.06, has fallen 100% over the past year, according to InvestingPro data. The company’s financial health score stands at a concerning 0.6 out of 10, labeled as "WEAK" by InvestingPro analysts.
The company’s common stock will continue trading under the BINI symbol when markets open on September 22, but will begin trading on a split-adjusted basis with a new CUSIP number (62526P877). With a market capitalization of just $6.65 million and an average daily trading volume of 16.64 million shares over the past three months, the stock has shown significant volatility. Discover more detailed trading insights and 15+ additional key metrics with an InvestingPro subscription.
Bollinger stated this would be the last reverse stock split it initiates for the next three years. The company’s stockholders approved the action at a Special Meeting on September 11, authorizing a ratio within the range of 1-for-2 to 1-for-250.
The reverse split will automatically convert 250 current shares into one share of common stock. The company’s approximately 126.2 million outstanding shares will be reduced to roughly 505,000 shares after the split, not accounting for fractional shares, which will be rounded up to the nearest whole share.
No changes will be made to the par value of common stock or the authorized number of shares. The split will affect all stockholders uniformly without altering percentage interests in the company’s equity, except for rounding adjustments.
Registered stockholders holding shares electronically in book-entry form need not take action to receive post-split shares. Those owning shares through brokers will have positions automatically adjusted according to their broker’s processes.
Continental Stock Transfer & Trust Company will serve as the exchange agent for the reverse stock split, according to the press release statement.
Bollinger Innovations manufactures commercial electric vehicles with a U.S.-based manufacturing facility in Tunica, Mississippi, and offers Class 1 and Class 3 electric vehicles through a network of six commercial dealers. Despite revenue growth of over 5,800% in the last twelve months, the company faces significant challenges with a negative EBITDA of $225.89 million and a concerning current ratio of 0.23, indicating potential liquidity issues.
In other recent news, Bollinger Innovations has significantly reduced its quarterly cash burn by 58% to $8.9 million, as announced in a company press release. The electric vehicle manufacturer has implemented cost-cutting measures while maintaining its marketing, sales, and manufacturing capabilities. Bollinger Innovations also received a notice from the Nasdaq Stock Market for not meeting the minimum market value requirement for continued listing, and the company plans to appeal this decision. In a strategic move, Bollinger Innovations eliminated all warrants and $25.3 million in convertible notes by exchanging them for newly created preferred stock, increasing shareholder equity by approximately $133 million. The company expects this will help it meet Nasdaq listing requirements.
Additionally, Mullen Automotive, which plans to rebrand as Bollinger Innovations, received approval for a new stock symbol "BINI" from Nasdaq. The company is also set to rebrand its Oceanside, California, Commercial Vehicle Center under the Bollinger Innovations name, with the facility opening scheduled for August 15, 2025. In another development, Mullen Automotive announced it will begin accepting cryptocurrency, including Bitcoin and $TRUMP meme coin, for purchases of Mullen and Bollinger commercial electric vehicles. The company is exploring the acceptance of additional cryptocurrencies to expand its payment options.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.