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In a recent transaction involving Mullen Automotive Inc. (NASDAQ:MULN), HRT Financial LP, a significant shareholder, executed a major sale of the company's stock. On April 4, HRT Financial sold 2,012,436 Class A shares at a price of $0.08 per share, totaling $160,994. The transaction occurred as MULN trades near its 52-week low, with the stock down nearly 100% over the past year according to InvestingPro data. Following this transaction, HRT Financial retains 1,347,044 shares in Mullen Automotive.
Additionally, on April 3, HRT Financial acquired 546,706 Class A shares at the same price of $0.08 per share, amounting to $43,736. This acquisition brought their holdings to 665,392 shares before the subsequent sale. InvestingPro analysis reveals the company faces significant financial challenges, with a weak financial health score and rapid cash burn rate.
These transactions highlight the dynamic shifts in HRT Financial's investment in Mullen Automotive, a company known for manufacturing motor vehicles and passenger car bodies. The stock's high volatility and challenging financial metrics are among 19 key factors analyzed in detail on InvestingPro.
In other recent news, Mullen Automotive Inc. reported a record GAAP revenue of $3.18 million for the quarter ending March 31, 2025. This marks a significant 189% increase from the previous fiscal year's total revenue of $1.1 million. Alongside this financial milestone, Mullen announced plans to implement cost-cutting measures, including staff reductions and facility eliminations, starting in April 2025. Additionally, Mullen's lawsuit alleging stock manipulation by several financial entities will proceed to the discovery phase, following a federal judge's decision not to dismiss the case. The company has also terminated an agreement with Volt Mobility, affecting its commercial EV distribution plans in the United Arab Emirates. Mullen's commercial vehicles, including the Mullen ONE and Mullen THREE, continue to meet stringent U.S. safety and emissions standards. Its subsidiary, Bollinger Motors, has begun delivering its B4 Chassis Cab trucks to customers. These developments reflect Mullen's ongoing efforts to adapt its business strategy and navigate challenges in the evolving EV market.
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