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In recent transactions reported by Mullen Automotive Inc. (NASDAQ:MULN), Director Ignacio Novoa sold a total of $151,315 worth of common stock. The sales occurred on January 7, 2025, and February 21, 2025, with prices ranging from $0.8712 to $4.61 per share. The company, currently valued at approximately $257 million, has seen its stock price decline nearly 93% year-to-date according to InvestingPro data.
On January 7, Novoa sold 152,865 shares at $0.8712 each and 10,135 shares at $0.8801, totaling $141,315. The transactions left him with no remaining shares. Another sale took place on February 21, when Novoa sold 2,000 shares at $4.61, amounting to $10,000. The stock’s significant volatility is reflected in its price movements, with InvestingPro analysis showing the shares trading near their 52-week low amid challenging financial metrics.
Additionally, Novoa was granted 2,000 shares on February 21 under Mullen Automotive’s 2022 Equity Incentive Plan, which he subsequently sold on the same day.
These transactions are part of routine filings with the Securities and Exchange Commission, providing transparency into the trading activities of company insiders.
In other recent news, Mullen Automotive has announced the expansion of its battery production capabilities at its Fullerton, California facility. The company acquired additional battery line equipment from Nikola (NASDAQ:NKLA) Corporation, enhancing its production of American-made battery packs and advanced solid-state polymers. Mullen Automotive also reported a strategic partnership with EO Charging to deliver electrification solutions for Bollinger Motors’ commercial fleet customers, marking a significant step in supporting electric commercial fleets. Furthermore, Mullen Automotive held a Special Meeting of Stockholders, approving a reverse stock split of its Common Stock, with an exchange ratio ranging from 1-for-2 to 1-for-100.
Additionally, Mullen Automotive secured repeat orders for five Mullen ONE, Class 1 EV cargo vans from two California universities, highlighting the growing interest in electrifying campus fleets. The company also regained compliance with Nasdaq Listing Rule 5250(c)(1) after filing its Annual Report on Form 10-K for the fiscal year ended September 30, 2024. This ensures that Mullen Automotive’s common stock will remain listed on The Nasdaq Capital Market. These developments reflect Mullen Automotive’s ongoing efforts to strengthen its position in the electric vehicle market and maintain regulatory compliance.
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