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In a turbulent market environment, MULN (Mullen Automotive Inc. (NASDAQ:MULN)) stock has hit a 52-week low, with shares plummeting to $0.96. According to InvestingPro data, the company’s stock has suffered a dramatic 99.87% decline over the past six months, while its financial health score stands at a concerning "WEAK" level. This price level reflects significant investor concern as the company navigates through a challenging economic landscape. The stark downturn in MULN’s stock price is mirrored by the performance of Net Element Inc , which has seen a staggering 1-year change of -100%, indicating a broader trend of investor caution and market volatility affecting the sector. As MULN grapples with these conditions, stakeholders and market watchers are closely monitoring the company’s strategic moves to rebound from this low point. With a current ratio of 0.24 and rapidly depleting cash reserves, the company faces significant operational challenges. InvestingPro subscribers can access 18 additional key insights about MULN’s financial position and market outlook.
In other recent news, Mullen Automotive Inc. has been warned of a potential delisting from the Nasdaq Capital Market due to its Market Value of Listed Securities falling below the minimum requirement of $35 million for 30 consecutive business days. The company has until August 25, 2025, to regain compliance. In a separate development, Mullen Automotive announced the sale and deployment of its Mullen ONE electric cargo van to Orange County, North Carolina, as part of the county’s Climate Action (WA:ACT) Plan. Additionally, Mullen’s commercial electric vehicles, including the Mullen ONE and Mullen THREE, are now available through the Sourcewell contract, facilitating easier procurement for U.S. government agencies and educational institutions.
Mullen Automotive has also entered into a strategic partnership with EO Charging to provide electrification solutions for Bollinger Motors’ commercial fleet customers. In another significant move, the company approved a reverse stock split during a Special Meeting of Stockholders. This decision aims to adjust the company’s stock structure, with the exchange ratio ranging from 1-for-2 to 1-for-100, subject to the Board’s discretion. These developments reflect Mullen Automotive’s efforts to navigate financial challenges and expand its presence in the electric vehicle market.
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