MULN Stock Touches 52-Week Low at $2.02 Amid Market Challenges

Published 14/04/2025, 14:46
MULN Stock Touches 52-Week Low at $2.02 Amid Market Challenges

Mullen Automotive Inc. (NASDAQ:MULN) stock has experienced a significant downturn, touching a 52-week low of $2.02. According to InvestingPro data, the company’s financial health score is rated as WEAK, with a concerning current ratio of 0.24 and significant cash burn rate. This price level reflects a stark contrast to the company’s performance over the past year, with Net Element Inc , which merged with Mullen Technologies Inc. before the company’s NASDAQ listing, seeing a 1-year change of -100%. InvestingPro analysis indicates the stock is currently in oversold territory, with 16 additional key insights available to subscribers. Investors are closely monitoring MULN as it navigates through a challenging market environment, with the stock’s latest dip signaling potential concerns over the company’s future growth prospects and overall market conditions affecting the electric vehicle sector. The company’s debt-to-capital ratio stands at 0.75, while its negative free cash flow yield suggests ongoing operational challenges.

In other recent news, Mullen Automotive has made significant strides in various areas. The company announced the sale of its Mullen ONE Class 1 electric cargo van to Global Expert Shipping, marking the start of a series of planned orders. In a strategic move, Mullen has partnered with Enpower Greentech Inc. to produce semi-solid-state batteries, with production slated to begin in 2026 at its Fullerton, California facility. Mullen also announced a 1-for-100 reverse stock split to comply with Nasdaq’s minimum bid price requirement, a decision approved by shareholders and set to take effect in April 2025.

Additionally, Mullen and its majority-owned Bollinger Motors have increased U.S. parts sourcing, with their commercial vehicles now fully assembled in the United States. This development exempts them from new tariffs and aligns with the industry’s focus on local sourcing. In legal news, Mullen has advanced in a lawsuit alleging stock manipulation, with a federal judge allowing the case to proceed to the discovery phase. The lawsuit accuses several financial entities of using high-frequency trading to manipulate Mullen’s stock prices.

These recent developments highlight Mullen’s ongoing efforts in expanding its electric vehicle production and maintaining strategic partnerships, while also addressing legal challenges.

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