Mullen stock has fallen 97.53% since the the year begun and is currently trading at $0.3355. The company’s horrible stock price performance is driven by many factors such as missed deadlines and its lack of actual revenues.
Since the EV company’s shares are trading below $1.00, the stock must trade above $1.00 for it to remain listed on the NASDAQ exchange. The only way to get its stock above $1.00 is through a reverse stock split. The EV company conducted three reverse stock splits in 2023.
The total of the three reverse stock splits in 2023 was 1 share for 22,500 shares, yet the MULN stock has not stopped falling. The company recently revealed plans to resell 85 million new shares from existing shareholders, signalling that a reverse stock split could happen soon.
Mullen (NASDAQ: MULN) had 24.85 million shares before unveiling the plan to sell new shares. The company has blamed short-sellers for the decline in its share price and hired two law firms to investigate if its stock was being manipulated.
However, the two law firms have since withdrawn their services, which could mean the claims were untrue. Many analysts attribute the decline in MULN’s share price to the company’s lack of revenue and slow progress in getting its EVs to the market.
This post was last modified on Aug 26, 2024, 19:30 BST 19:30