Mary Winter, a director at Mullen Automotive Inc. (NASDAQ:MULN), recently reported selling shares in the company valued at a total of $109,022. The stock, currently trading at $0.83, has experienced a dramatic 99.94% decline over the past year according to InvestingPro data. The transactions, disclosed in an SEC filing, took place at prices ranging from $33.90 to $678.00 per share. Following these sales, Winter retains ownership of 163,001 shares, including a recent acquisition of 175,000 shares granted under the company’s 2022 Equity Incentive Plan. These transactions reflect adjustments following reverse stock splits conducted by Mullen Automotive in December 2023 and September 2024. With a market capitalization of just $7.32 million and a WEAK Financial Health Score, InvestingPro subscribers can access 19 additional key insights about MULN’s financial position before the next earnings report on January 17.
In other recent news, Mullen Automotive has made notable strides in its operations, with a significant increase in electric vehicle (EV) sales and a reduction in monthly expenses. The company generated $5.5 million in revenue from selling 100 Class 1 and Class 3 EV cargo vans and trucks. Mullen Automotive also secured $4.4 million in additional financing through the issuance of senior secured convertible notes and related warrants.
The company has also expanded its battery production plans in the United States, committing $12 million to battery development and manufacturing. Mullen Automotive’s subsidiary, Bollinger Motors, extended its national dealer network into the mid-Atlantic and Midwest regions.
Furthermore, Mullen Automotive issued new convertible notes and warrants, part of the company’s capital-raising efforts to support its operations and growth strategies. The company also reached a settlement agreement regarding a derivative action filed against it, agreeing to implement governance enhancements and pay attorney’s fees.
In addition, Mullen Automotive has received substantial orders for its electric commercial vehicles from Associated Coffee and TEC Equipment. The company also announced strategic partnerships with Emerald Transportation Solutions and the National Auto Fleet Group. These are the recent developments from Mullen Automotive.
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