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John Kevin Andersen, a director at Mullen Automotive Inc. (NASDAQ:MULN), recently sold shares of the company, as detailed in a regulatory filing. On October 20, 2023, Andersen sold 287,437 shares of common stock at a weighted average price of $0.3437 per share. This transaction was part of a series of sales that collectively amounted to $347,908, with prices ranging from $0.3437 to $6.7738 per share. The timing of these sales is notable, as InvestingPro data shows the stock has declined nearly 100% over the past six months, with particularly weak financial health metrics.
Following these transactions, Andersen’s direct ownership in the company has significantly decreased, with only a small number of shares remaining. The sales were executed over several dates, with the final transaction taking place on January 7, 2025. The shares held by Andersen reflect the adjustments for a 1:60 reverse stock split that took effect on February 18, 2025. According to InvestingPro analysis, the company faces significant challenges with a current ratio of 0.24 and negative EBITDA of $242 million in the last twelve months. InvestingPro subscribers have access to 18 additional key insights about MULN’s financial position.
In other recent news, Mullen Automotive has announced the expansion of its battery production capabilities at its Fullerton, California facility. This development follows the acquisition of additional battery line equipment from Nikola (NASDAQ:NKLA) Corporation, aiming to enhance the production of American-made battery packs and advanced solid-state polymers. The company has also secured repeat orders for five Mullen ONE, Class 1 EV cargo vans from two California universities, indicating a growing interest in its electric vehicles for campus logistics. Additionally, Mullen Automotive has regained compliance with Nasdaq Listing Rule 5250(c)(1) after filing its Annual Report on Form 10-K, ensuring continued listing on The Nasdaq Capital Market. In another strategic move, Mullen Automotive has approved a reverse stock split with an exchange ratio ranging from 1-for-2 to 1-for-100, as decided by the Board. This decision was made following a Special Meeting of Stockholders, where the proposal was passed with significant support. Furthermore, Mullen has entered a strategic partnership with EO Charging to provide electrification solutions for Bollinger Motors’ commercial fleet customers. This collaboration aims to offer comprehensive charging solutions with high reliability, extending EO’s infrastructure support to the North American market.
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