Mullen Automotive Inc. (NASDAQ: MULN) has finalized a 1-for-100 reverse stock split, set to take effect on June 2, 2025, as part of its strategy to comply with Nasdaq's listing standards. This decision, approved by shareholders on May 21 and subsequently by the board of directors, will reduce the company's outstanding common shares from approximately 80 million to about 800,000. The stock will continue to trade under the same ticker symbol, with adjustments reflecting the split.
The reverse stock split is designed to proportionally adjust all existing equity instruments and convertible securities, except for the 2022 Equity Incentive Plan, which remains unaffected. This move aims to minimize disruptions to Mullen Automotive's financial structure while addressing the Nasdaq's minimum bid price requirement. The company, a Southern California-based electric vehicle manufacturer, has been actively expanding its commercial EV production, operating vehicle plants in Tunica, Mississippi, and Mishawaka, Indiana.
Mullen Automotive's product lineup includes the Mullen ONE, a Class 1 EV cargo van, and the Mullen THREE, a Class 3 EV cab chassis truck, both certified by the California Air Resource Board and EPA. The Mullen THREE has also received HVIP approval, offering eligible customers up to a $45,000 cash voucher at purchase. The company has expanded its commercial dealer network to seven dealers, enhancing sales and service coverage across key U.S. markets. Additionally, Mullen has secured Foreign Trade Zone status for its Tunica manufacturing center, benefiting from duty deferment and elimination on exported vehicles.
This reverse stock split underscores Mullen Automotive's dedication to maintaining its Nasdaq listing and providing a stable investment environment in the rapidly evolving electric vehicle sector. For more information on Mullen Automotive and its initiatives, visit https://www.mullenusa.com.
