FTSE 100: Index falls as earnings results weigh; pound below $1.33, Bodycote soars
Mary Winter, a director at Mullen Automotive Inc. (NASDAQ:MULN), recently sold 62,000 shares of the company’s common stock. The transaction, which took place on March 5, was executed at a price of $2.01 per share, amounting to a total sale value of $124,619. The stock, currently trading at $1.58, has experienced significant volatility, with InvestingPro data showing a 37.5% decline in the past week alone.
Prior to this sale, Winter acquired 62,000 shares on March 3 as part of Mullen Automotive’s 2022 Equity Incentive Plan. These shares were granted at no cost, and following the recent sale, Winter no longer holds any shares in the company. According to InvestingPro analysis, the company currently has a market capitalization of $1.9 million and shows a weak financial health score.
Mullen Automotive, headquartered in Brea, California, is engaged in the manufacturing of motor vehicles and passenger car bodies. InvestingPro analysis indicates the stock is currently trading below its Fair Value, with 18 additional ProTips available to subscribers covering crucial aspects like debt levels and cash flow metrics.
In other recent news, Mullen Automotive has disclosed a potential delisting risk from the Nasdaq Capital Market due to its Market Value of Listed Securities falling below the minimum requirement. The company has until August 25, 2025, to regain compliance by maintaining a market value above $35 million for ten consecutive business days. Meanwhile, Mullen Automotive has announced the sale of its Mullen ONE EV vans to Orange County, North Carolina, as part of the county’s Climate Action (WA:ACT) Plan to transition to an all-electric fleet by 2025. The vehicles are available through the Sourcewell contract, which facilitates procurement for government agencies and educational institutions.
Additionally, Mullen Automotive has partnered with EO Charging to provide charging solutions for Bollinger Motors’ commercial fleet customers, enhancing support for fleet electrification. In a separate development, Mullen Automotive has approved a reverse stock split, with the exchange ratio ranging from 1-for-2 to 1-for-100, to potentially improve the stock’s market price and liquidity. This decision was made during a Special Meeting of Stockholders, where the proposal received significant support. These recent developments indicate Mullen Automotive’s ongoing efforts to address financial challenges and expand its presence in the electric vehicle market.
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