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On Monday, Mullen Automotive Inc. (NASDAQ:MULN), a player in the electric vehicle industry with a market capitalization of just $3.21 million, disclosed in a regulatory filing that it has been warned of a potential delisting from the Nasdaq Capital Market. According to InvestingPro data, the company’s financial health score is rated as WEAK, with concerning metrics across profitability and cash flow measures. The notice, dated February 25, 2025, indicated that Mullen’s Market Value of Listed Securities (MVLS) had fallen below the Nasdaq’s minimum requirement of $35 million for 30 consecutive business days.
The company, which is incorporated in Delaware and headquartered in Brea, California, is also not meeting Nasdaq’s alternative listing standards, which include a stockholders’ equity of at least $2.5 million or net income from continuing operations of $500,000 in the most recent fiscal year or two out of the last three fiscal years.
Mullen has been granted a 180-day period until August 25, 2025, to regain compliance. To achieve this, the company’s MVLS must exceed $35 million for at least ten consecutive business days during this grace period. If Mullen fails to meet the MVLS requirement by the deadline, its stock may be delisted from the Nasdaq exchange. The stock has already experienced significant pressure, with InvestingPro showing a 99.77% decline over the past six months. Track this developing situation and access 18 additional key insights about Mullen with an InvestingPro subscription.
The company has stated that it is actively monitoring its MVLS and is exploring options to regain compliance with the Nasdaq’s listing rules. However, there is no certainty that Mullen will be able to meet the necessary requirements within the given timeframe or maintain compliance with other Nasdaq standards.
This development has no immediate impact on the trading of Mullen’s common stock, which continues to be listed on the Nasdaq Capital Market. The information in this article is based on the latest SEC filing by Mullen Automotive.
In other recent news, Mullen Automotive has announced the sale and deployment of its Mullen ONE electric vans to Orange County’s Solid Waste Management (NYSE:WM) Department as part of the county’s Climate Action (WA:ACT) Plan. This development aligns with the county’s goal to transition to an all-electric fleet by 2025. Additionally, Mullen’s commercial electric vehicles, the Mullen ONE and Mullen THREE, are now available through the Sourcewell contract, which simplifies procurement for government agencies and educational institutions across the U.S. The partnership with Sourcewell aims to expedite the acquisition process for municipal customers. Furthermore, Mullen Automotive has expanded its battery production capabilities at its Fullerton, California facility by acquiring equipment from Nikola (OTC:NKLAQ) Corporation. This expansion is part of Mullen’s strategy to produce American-made battery components and reduce reliance on imports. In a strategic move, Mullen has also approved a reverse stock split during a Special Meeting of Stockholders, with the aim of potentially impacting the stock’s market price and liquidity. Lastly, Mullen has partnered with EO Charging to provide comprehensive electrification solutions for Bollinger Motors’ commercial fleet customers, enhancing support for electric vehicle adoption in North America.
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