Mullen Regains Full Nasdaq Compliance

Rhea-AI Summary

Mullen Automotive Inc. (MULN) receives confirmation from Nasdaq that it has regained compliance with listing requirements, ensuring continued listing on The Nasdaq Stock Market. The company is now in full compliance with all Nasdaq listing rules, including annual shareholder meeting and minimum bid price requirements.

Financial Analyst

The confirmation of Mullen Automotive's compliance with Nasdaq's listing requirements has a direct and potentially positive influence on investor confidence. Compliance with the minimum bid price and the holding of an annual shareholder meeting are fundamental prerequisites for continued listing, which in turn ensures a company's stock remains accessible to a broad investor base. The company's ability to meet these requirements indicates a level of operational stability and governance that is essential for investor trust.

From a financial perspective, the news may alleviate concerns about potential liquidity issues or delisting risks, which can affect a stock's volatility. For current and prospective shareholders, the assurance of Nasdaq compliance could be interpreted as a sign of management's competence in navigating regulatory frameworks, which is crucial for a company in the capital-intensive EV industry.

Market Research Analyst

Remaining on a major exchange like Nasdaq is crucial for an emerging EV manufacturer like Mullen Automotive. It not only provides visibility to institutional investors who may have mandates to invest in listed companies but also ensures inclusion in indices and exchange-traded funds (ETFs) that can drive trading volume and liquidity. The EV market is competitive and fast-growing and being listed on a reputable stock exchange can be a differentiator that attracts interest from investors looking for exposure to sustainable technologies.

Moreover, the EV sector is subject to investor sentiment driven by both industry-specific news and broader market trends. Mullen's continued listing may be seen as a stabilizing factor, which is particularly valuable in a sector that can experience significant price swings based on technological advancements, regulatory changes and shifts in consumer preferences.

Legal Expert

Regaining compliance with Nasdaq's listing rules is a testament to Mullen Automotive's adherence to legal and regulatory standards, which is a critical aspect of corporate governance. The annual shareholder meeting is a key forum for ensuring accountability and transparency, allowing shareholders to exercise their rights to information and to vote on important company matters. Mullen's ability to meet these obligations demonstrates a commitment to these governance principles.

For stakeholders, the resolution of this compliance issue eliminates a legal overhang that can distract from a company's core business activities. It also reduces the risk of legal complications that can arise from failing to meet exchange requirements, such as shareholder lawsuits or increased scrutiny from regulators. This development may provide reassurance that the company is managing its legal and regulatory responsibilities effectively, which is particularly important for a company in the nascent stages of growth in the EV industry.

Nasdaq Panel has determined to continue the listing of the Company’s securities on The Nasdaq Stock Market

BREA, Calif., March 07, 2024 (GLOBE NEWSWIRE) -- via IBN -- Mullen Automotive Inc. (Nasdaq: MULN) (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, today announces that on March 6, 2024, it received formal notice from The Nasdaq Stock Market LLC (“Nasdaq”) confirming that the Company has regained compliance with the annual shareholder meeting requirement set forth in Nasdaq Listing 5620(a). Mullen previously announced on Jan. 24, 2024, that the Company had regained compliance with the minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2). Mullen is now in full compliance with all Nasdaq continued listing requirements and will continue to be listed and traded on The Nasdaq Capital Market.

Based on the foregoing, the Panel has determined to continue the listing of the Company’s securities on The Nasdaq Stock Market and is closing this matter. The Company anticipates being removed from Nasdaq’s list of noncompliant companies within approximately four business days from the March 6, 2024, receipt of Nasdaq’s notification of compliance.

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 whether the Company will continue to maintain compliance with all Nasdaq continued listing requirements and when the Company will be removed from Nasdaq’s noncompliant companies list. 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

What is the latest update regarding Mullen Automotive Inc.'s (MULN) listing on The Nasdaq Stock Market?

Mullen Automotive Inc. (MULN) has received confirmation from Nasdaq that it has regained compliance with listing requirements, ensuring continued listing on The Nasdaq Stock Market.

What compliance requirements did Mullen Automotive Inc. (MULN) recently regain?

Mullen Automotive Inc. (MULN) recently regained compliance with the annual shareholder meeting requirement and minimum bid price requirement set forth in Nasdaq listing rules.

When did Mullen Automotive Inc. (MULN) receive formal notice of compliance from Nasdaq?

Mullen Automotive Inc. (MULN) received formal notice of compliance from Nasdaq on March 6, 2024.

Will Mullen Automotive Inc. (MULN) continue to be listed and traded on The Nasdaq Capital Market?

Yes, Mullen Automotive Inc. (MULN) will continue to be listed and traded on The Nasdaq Capital Market as it is now in full compliance with all Nasdaq continued listing requirements.

When is Mullen Automotive Inc. (MULN) expected to be removed from Nasdaq's list of noncompliant companies?

Mullen Automotive Inc. (MULN) anticipates being removed from Nasdaq's list of noncompliant companies within approximately four business days from the March 6, 2024, receipt of Nasdaq's notification of compliance.