Mullen Automotive Regains Compliance with Nasdaq Minimum Bid Price Requirement
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The announcement that Mullen Automotive Inc. has regained compliance with Nasdaq's minimum bid price requirement is a pivotal moment for the company. This development is a key indicator of the company's ability to maintain its listing on a major exchange, which can have a significant impact on investor confidence and the company's access to capital markets. The minimum bid price is a basic standard that ensures a certain level of liquidity and investor interest, which is crucial for the smooth trading of shares.
For current and potential investors, the compliance alleviates the immediate risk of delisting, which can be detrimental to stock performance due to the reduced visibility and investor appeal that typically accompanies a move to a less prestigious exchange or OTC trading. However, investors should remain aware of the company's upcoming deadline to comply with the annual shareholder meeting requirement. Failure to meet this second requirement could raise new concerns about governance and operational management, potentially impacting the stock's stability.
From a market perspective, Mullen Automotive's continued listing on The Nasdaq Capital Market provides the company with a strategic advantage in the competitive electric vehicle sector. Being associated with Nasdaq enhances the company's visibility among institutional investors and can lead to increased trading volume. This visibility is particularly important for an emerging EV manufacturer as it competes for market share against established automotive giants and numerous startups in the EV space.
The electric vehicle market is experiencing rapid growth, with increasing consumer demand and significant technological advancements. Mullen's ability to maintain Nasdaq listing standards may be interpreted as a positive signal of its potential to capitalize on this growth. However, it is essential for the company to demonstrate operational progress and financial stability beyond meeting exchange requirements to truly convince stakeholders of its long-term viability in this dynamic industry.
Mullen will continue to be listed and traded on The Nasdaq Capital Market
BREA, Calif., Jan. 24, 2024 (GLOBE NEWSWIRE) -- via IBN – Mullen Automotive Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, announces today that it has received formal notice from The Nasdaq Stock Market LLC confirming the Company has regained compliance with the minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2). Mullen will continue to be listed and traded on The Nasdaq Capital Market.
As previously disclosed, the Nasdaq Hearings Panel has also granted the Company until March 8, 2024, to demonstrate compliance with the annual shareholder meeting requirement set forth in Nasdaq Listing Rule 5620(a). Mullen has scheduled its Annual Meeting of Stockholders to be held on February 29, 2024.
About Mullen
Mullen Automotive (NASDAQ: MULN) is a Southern California-based automotive company building the next generation of electric vehicles (“EVs”) that will be manufactured in its two United States-based assembly plants. Mullen’s EV development portfolio includes the Mullen FIVE EV Crossover, Mullen-GO Commercial Urban Delivery EV, Mullen Commercial Class 1-3 EVs and Bollinger Motors, which features both the B1 and B2 electric SUV trucks and Class 4-6 commercial offerings. On Sept. 7, 2022, Bollinger Motors became a majority-owned EV truck company of Mullen Automotive, and on Dec. 1, 2022, Mullen closed on the acquisition of Electric Last Mile Solutions’ (“ELMS”) assets, including all IP and a 650,000-square-foot plant in Mishawaka, Indiana.
To learn more about the Company, visit www.MullenUSA.com.
Forward-Looking Statements
Certain statements in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1934, as amended. Any statements contained in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as "continue," "will," "may," "could," "should," "expect," "expected," "plans," "intend," "anticipate," "believe," "estimate," "predict," "potential" and similar expressions are intended to identify such forward-looking statements. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Mullen and are difficult to predict. Examples of such risks and uncertainties include but are not limited to the date of Mullens annual shareholder meeting and whether the Company will be successful in maintaining continued Nasdaq listing compliance. Additional examples of such risks and uncertainties include but are not limited to: (i) Mullen’s ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed; (ii) Mullen's ability to maintain existing, and secure additional, contracts with manufacturers, parts and other service providers relating to its business; (iii) Mullen’s ability to successfully expand in existing markets and enter new markets; (iv) Mullen’s ability to successfully manage and integrate any acquisitions of businesses, solutions or technologies; (v) unanticipated operating costs, transaction costs and actual or contingent liabilities; (vi) the ability to attract and retain qualified employees and key personnel; (vii) adverse effects of increased competition on Mullen’s business; (viii) changes in government licensing and regulation that may adversely affect Mullen’s business; (ix) the risk that changes in consumer behavior could adversely affect Mullen’s business; (x) Mullen’s ability to protect its intellectual property; and (xi) local, industry and general business and economic conditions. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in the most recent annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K filed by Mullen with the Securities and Exchange Commission. Mullen anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. Mullen assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law. Forward-looking statements speak only as of the date they are made and should not be relied upon as representing Mullen’s plans and expectations as of any subsequent date.
Contact:
Mullen Automotive, Inc.
+1 (714) 613-1900
www.MullenUSA.com
Corporate Communications:
InvestorBrandNetwork (IBN)
Los Angeles, California
www.InvestorBrandNetwork.com
310.299.1717 Office
Editor@InvestorBrandNetwork.com
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