Bullish indicating open at $55-$60, IPO prices at $37
BREA, Calif. - Mullen Automotive Inc. (NASDAQ:MULN) announced Thursday that NASDAQ has approved a new stock symbol "BINI" in connection with the company’s planned name change to Bollinger Innovations, Inc. The effective date for the name and symbol change has not yet been determined. According to InvestingPro data, the company faces significant financial challenges with a weak overall health score of 0.55 and negative EBITDA of $229.35 million in the last twelve months.
The electric vehicle manufacturer also revealed plans to rebrand its Oceanside, California, Commercial Vehicle Center under the Bollinger Innovations name. The facility, located off Interstate 5 in northern San Diego County, will open August 15, 2025, providing a location for businesses to explore, test drive and purchase the company’s commercial electric vehicles. With revenue of $8.93 million in the last twelve months and a concerning current ratio of 0.25, InvestingPro analysis indicates the company may face challenges meeting its short-term obligations.
"The new branded consolidated Company continues to move forward full steam ahead with solid product offering around Commercial Class 1, 3 and 4," said David Michery, CEO and chairman of both Bollinger Innovations and Bollinger Motors.
Mullen’s current commercial lineup includes the Mullen ONE, a Class 1 EV cargo van, and the Mullen THREE, a Class 3 EV cab chassis truck. Both vehicles comply with U.S. Federal Motor Vehicle Safety Standards and have Environmental Protection Agency and California Air Resources Board certifications.
The company also offers the Bollinger B4 Chassis Cab, an all-electric Class 4 commercial truck with a 185-mile range, 46-foot turning radius and 7,325-pound payload capacity.
Mullen began commercial vehicle production at its Tunica, Mississippi plant in August 2023. The company’s commercial dealer network includes seven dealers covering key markets across the United States.
Bollinger Motors, which became a majority-owned subsidiary of Mullen in September 2022, launched production of its B4 Class 4 electric truck on September 16, 2024, and has developed a dealer network with over 50 locations nationwide.
This information is based on a press release statement from the company.
In other recent news, Mullen Automotive has announced the eligibility of its commercial electric vehicles for rebates through the ComEd Business & Public Sector EV Rebate Program in Illinois. This initiative allows the Mullen ONE Class 1 EV cargo van to qualify for up to $7,500 in rebates, potentially saving customers up to $15,000 per vehicle when combined with the Federal Tax Credit. Additionally, Mullen Automotive has settled a legal dispute with GEM, resulting in the transfer of its Mishawaka, Indiana manufacturing facility to GEM. This settlement marks a significant step for Mullen as it aims to streamline operations and focus on expanding its electric vehicle offerings.
Furthermore, Mullen Automotive has increased its stake in Bollinger Motors to 95% following the resolution of legal claims by Bollinger Motors’ founder. This development allows Bollinger Motors to continue its operations as a subsidiary of Mullen Automotive, with a focus on selling and servicing its Bollinger B4 all-electric commercial trucks. In another strategic move, Mullen Automotive plans to release its high-performance EV crossover, the Mullen FIVE RS, in Germany in December 2025, with further expansion into other markets in 2026. The FIVE RS, featuring an 800-volt architecture and over 1,100 horsepower, marks Mullen’s entry into the high-performance EV market.
Lastly, Mullen Automotive has begun accepting cryptocurrency as payment for its electric vehicles, including Bitcoin and $TRUMP meme coin. This decision positions Mullen as one of the few vehicle manufacturers embracing cryptocurrency, potentially broadening its customer base. These recent developments underscore Mullen Automotive’s ongoing efforts to enhance its market presence and expand its product offerings in the competitive EV landscape.
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