Mullen Automotive Inc Stock Price, News & Analysis

Mullen Automotive (NASDAQ: MULN) has entered into a sales and service agreement with Papé Kenworth, expanding its commercial EV dealer network. Papé Kenworth, part of the Papé Group, operates in 9 states with over 150 locations, 815 service bays, and 1,500 technicians. This partnership marks Mullen's seventh franchise dealer addition in recent months.

The collaboration aims to accelerate commercial EV adoption by combining Mullen's innovative lineup with Papé Kenworth's extensive network and industry expertise. Mullen's commercial EVs include the Class 1 Mullen ONE cargo van and Class 3 Mullen THREE cab chassis truck, both compliant with U.S. safety standards and eligible for various state and federal incentives.

Mullen Automotive Inc. (NASDAQ: MULN) has announced a 1-for-100 reverse stock split effective Sept. 17, 2024. This move is primarily aimed at complying with Nasdaq's $1.00 minimum bid price requirement. Key points include:

- The stock will continue trading under MULN symbol
- New CUSIP number: 62526P505
- Stockholders approved the split on Sept. 9, 2024
- 100 current shares will convert to 1 share
- Adjustments will be made to equity awards, warrants, and convertible notes
- No fractional shares will be issued; all fractions rounded up
- The split won't alter stockholders' percentage interest (except for rounding)

Continental Stock Transfer & Trust Company will serve as the exchange agent. Stockholders don't need to take action for the split.

Bollinger Motors, a commercial electric vehicle manufacturer, has added Affinity Truck Center to its retail network. Affinity will sell the all-electric Bollinger B4 at locations in Bakersfield and Fresno, California, with service centers in Paso Robles and Salinas. The B4 Chassis Cab is a Class 4 commercial truck with a 158-kwh battery pack, designed for fleets and upfitters.

Bollinger Motors will begin serial production of the B4 on September 16, with deliveries starting in October 2024. This expansion follows recent milestones, including partnerships with other dealerships, warranty coverage announcements, EPA certification, and significant vehicle sales to various companies. Affinity Truck Center, a family-owned business since 1980, is certified under California's Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP).

Mullen Automotive's subsidiary, Bollinger Motors, has expanded its retail network by adding Affinity Truck Center as an official dealer. Affinity, a California Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP) certified dealership, operates in multiple California locations. The Bollinger B4, an all-electric Class 4 commercial truck, will begin serial production on September 16, 2024, with deliveries starting in October 2024.

This expansion follows recent milestones for Bollinger, including partnerships with other dealers, full warranty coverage for the B4 chassis cab, EPA certification, and significant vehicle sales to various companies. The move strengthens Bollinger's presence in California's Central Valley and supports the region's transition to electric vehicles.

Bollinger Motors has achieved California Air Resources Board (CARB) certification for its all-electric Bollinger B4 Class 4 trucks, a important step towards becoming sales-ready. This certification allows sales in 15 CARB-compliant states and opens up access to significant incentives. When combined with the $40,000 IRS rebate, customers can potentially save up to $100,000 through programs like California's HVIP project.

Production of the B4 is set to begin on September 16, 2024, with customer deliveries starting in October. This milestone follows several recent achievements, including EPA certification, full warranty coverage, and major vehicle sales to companies like Momentum Group and Doering Fleet Management.

Mullen Automotive's subsidiary, Bollinger Motors, has achieved a significant milestone with its B4 all-electric Class 4 truck receiving California Air Resources Board (CARB) certification. This certification allows Bollinger to sell vehicles in 15 CARB-compliant states and opens up access to substantial incentives. When combined with the $40,000 IRS rebate, customers can potentially save up to $100,000 through programs like California's HVIP.

Bollinger Motors is set to begin production of the B4 on September 16, 2024, with customer deliveries starting in October. The company has already secured several vehicle sales agreements and expanded its network of dealers and service centers. This CARB certification is a important step in Bollinger's mission to electrify vehicle fleets nationwide.

Bollinger Motors, a commercial EV manufacturer, has partnered with Texas Consulting & Development (TCD) to supply Bollinger B4 Class 4 trucks for TCD's new bundled service offering. This partnership aims to enhance TCD's Vehicle-to-Grid (V2G) and Vehicle-to-Building (V2B) technology offerings, while expanding Bollinger's market reach in the Commercial & Industrial, Telecom, and Utility sectors.

The collaboration aligns with both companies' goals of leveraging electrification to create operational efficiencies and reduce carbon footprints. Notably, Bollinger Motors has recently achieved several milestones, including starting production of the B4, receiving EPA certification, and securing multiple vehicle sales. The Bollinger B4 chassis cab also qualifies for a $40,000 federal tax credit under the Inflation Reduction Act.

Mullen Automotive's subsidiary, Bollinger Motors, has partnered with Texas Consulting & Development (TCD) to supply Bollinger B4 Class 4 trucks for TCD's new bundled service offering. This partnership aims to enhance TCD's Vehicle-to-Grid (V2G) and Vehicle-to-Building (V2B) technology offerings, while expanding Bollinger's market presence in commercial, industrial, telecom, and utility sectors.

The collaboration aligns with both companies' goals of leveraging electrification to improve operational efficiency and reduce carbon footprints. Bollinger Motors has recently achieved several milestones, including starting production of the B4, providing full warranty coverage, and receiving EPA certification. The B4 chassis cab also qualifies for a $40,000 federal tax credit under the Inflation Reduction Act.

Mullen Automotive (NASDAQ: MULN) has begun shipping electric vehicles under a $210 million contract with Volt Mobility in the UAE. The agreement covers 3,000 Class 1 and Class 3 EV cargo vans and trucks over 16 months, with revenue recognition starting in Q1 FY2025. The initial shipment, part of a 300-vehicle commitment for 2024, left on September 2, 2024.

Volt Mobility plans to lease these EVs to corporate clients like UPS, DHL, and FedEx in the Gulf Cooperation Council region. Mullen's Tunica, Mississippi facility, capable of producing 26,000 vehicles annually, is assembling the order. This partnership marks Mullen's expansion into the Middle East market, following its growth in Europe.