Mullen Automotive Inc - MULN STOCK NEWS

Mullen Automotive (NASDAQ: MULN) has secured a significant legal victory as a federal judge denied a motion to dismiss their lawsuit against IMC Financial Markets, Clear Street Markets , and UBS Securities. The lawsuit, filed in the Southern District of New York, alleges that between November 5, 2021, and November 15, 2023, the defendants engaged in stock manipulation through spoofing practices.

The lawsuit claims defendants used high-frequency algorithmic trading to artificially deflate MULN's share price through 'Baiting Orders' - placing sell orders to create false downward trends, followed by buying at artificially low prices. The Court found that Mullen adequately demonstrated how defendants' actions differed from typical market participants, noting their pattern of placing and canceling high volumes of orders within seconds or milliseconds.

The ruling, received on March 28, 2025, allows the case to proceed to full discovery, marking a victory for Mullen and other emerging companies affected by alleged stock manipulation.

Mullen Automotive (NASDAQ: MULN) announces record GAAP revenue of $3.18 million for the quarter ending March 31, 2025. The EV manufacturer is implementing additional cost-cutting measures effective April 2025, including staff reductions, facility consolidation, and operating expense reduction.

The company maintains its focus on cell and battery pack developments while prioritizing vehicle sales. Mullen's commercial lineup features the Mullen ONE (Class 1 EV cargo van) and Mullen THREE (Class 3 EV cab chassis truck), both compliant with federal safety standards, EPA, and CARB certifications. Additionally, Bollinger's B4 Chassis Cab, an all-electric Class 4 commercial truck, began customer deliveries in October.

Mullen Automotive (NASDAQ: MULN) has reported record quarterly GAAP revenue of $3.18 million as of March 21, 2025, marking a significant 189% increase compared to the entire 2024 fiscal year revenue of $1.1 million.

The EV manufacturer's commercial lineup includes the Mullen ONE (Class 1 EV cargo van) and Mullen THREE (Class 3 EV cab chassis truck), both fully compliant with U.S. Federal Motor Vehicle Safety Standards, EPA, and CARB certifications. Additionally, through Bollinger, the company offers the B4 Chassis Cab, a Class 4 commercial truck featuring a 158-kwh battery pack, which began customer deliveries in October.

Mullen Automotive (NASDAQ: MULN) has announced the purchase and delivery of its Mullen ONE Class 1 EV cargo van to Orange County, North Carolina's Solid Waste Management Department. The vehicle order will be fulfilled through National Auto Fleet Group (NAFG), an authorized Mullen dealer.

The purchase aligns with Orange County's Climate Action Plan to transition its fleet to all-electric by 2025. Mullen's commercial EVs are now available for purchase on Sourcewell under NAFG's Contract #091521-NAF, offering Class 1-3 electric vehicles to government agencies across the United States.

The company's commercial lineup includes the Mullen ONE Class 1 EV cargo van and Mullen THREE Class 3 EV cab chassis truck, both compliant with U.S. Federal Motor Vehicle Safety Standards, EPA, and CARB certifications.

Mullen Automotive (NASDAQ: MULN) announces that its all-electric commercial vehicles, the Mullen ONE (Class 1 EV cargo van) and Mullen THREE (Class 3 EV cab chassis truck), have been added to National Auto Fleet Group's (NAFG) Sourcewell contract for public sector government purchasing.

This partnership enables government agencies and educational institutions to purchase Mullen EVs through NAFG without lengthy bidding procedures. Sourcewell, serving 50,000 municipalities and related agencies, streamlines the procurement process through pre-approved contracts.

As an approved CARB HVIP dealer, NAFG can offer significant cost reductions for the Mullen THREE, which has an MSRP of $68,500. With available HVIP vouchers up to $45,000 and a $7,500 federal tax credit, the net cost could be reduced to under $17,000.

Bollinger Motors has announced a strategic partnership with EO Charging to provide comprehensive electrification solutions for commercial fleet customers. EO Charging will deliver complete charge assurance solutions, including charger installation, tech stack, and 24/7 support with >99% uptime guarantee. The partnership leverages EO's experience of over 50 million charging sessions and 100,000+ charging units deployed globally.

The collaboration aims to simplify fleet electrification by combining the Bollinger B4 chassis cab with EO's infrastructure. The B4, which began customer deliveries in October, is an all-electric class 4 commercial truck with a 158-kwh battery pack. Recent company milestones include production launch, regulatory certifications, dealer network expansion, and partnerships with key service providers.

Mullen Automotive (NASDAQ: MULN) has announced a strategic partnership between its subsidiary Bollinger Motors and EO Charging to provide comprehensive EV charging solutions for commercial fleet customers. EO Charging will deliver full charge assurance solutions, including charger installation, tech stack, and 24/7 support with 99% uptime guarantee.

EO Charging brings significant experience with over 50 million charging sessions delivered and 100,000+ charging units deployed globally across 1,700+ sites. The partnership will support the Bollinger B4 Chassis Cab, an all-electric Class 4 commercial truck with a 158-kwh battery pack, which began customer deliveries in October.

Recent Bollinger achievements include production launch in September 2024, FMVSS compliance, EPA and CARB certifications, expansion of dealer network, partnership with Our Next Energy for battery supplies, and agreements with Syncron for warranty administration and Amerit Fleet Solutions for mobile service.

Mullen Automotive reported its strongest quarter to date for the period ended Dec. 31, 2024, with $4.4M invoiced and $6M received for delivered vehicles. The company's subsidiary Bollinger Motors delivered 20 B4 trucks, generating $2.8M in revenue.

Despite these achievements, the company reported a net loss of $114.9M, with 79% ($91.0M) attributed to non-cash expenses. Cash position decreased to $2.7M from $10.7M in September 2024, with negative working capital of $186.2M. The company implemented cost-cutting measures, including personnel reductions expected to save $13M annually.

Mullen expanded its commercial vehicle presence through sales to various sectors and strengthened its battery production capabilities in Fullerton, California. The company is seeking $55M in matching DOE funds for U.S.-based battery production.

Mullen Automotive (NASDAQ: MULN) has announced a 1-for-60 reverse stock split effective Feb. 18, 2025, at 12:01 a.m. Eastern Time. The primary goal is to comply with Nasdaq's $1.00 minimum bid price requirement for continued listing. The stock will continue trading under the MULN symbol with a new CUSIP number 62526P604.

The reverse split was approved by stockholders at a Special Meeting on Jan. 31, 2025, authorizing a range of 1-for-2 to 1-for-100, with the board selecting 1-for-60. The split will automatically convert every 60 current shares into one new share. Proportional adjustments will be made to equity awards, warrants, convertible notes, and preferred stock conversion prices. No fractional shares will be issued, with all fractions rounded up to the nearest whole share.