Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, is releasing customer pricing for its Class 1 EV cargo van; the company announced that the starting price for the EV van will be $34,500 and the class 3 EV cab chassis trucks will start at $68,500. The announcement comes as the company has delivered 19 EV cargo vans to date with 20 more planned for this month, along with an anticipated purchase order for 200 more expected this month. The company previously announced that it had received a 1,000-unit class 3 EV truck purchase order from the Randy Marion Automotive Group, which has assisted in fulfilling its orders. “As more fleets focus on their sustainability goals addressing climate change, the net price points of our Mullen commercial products make this an easy choice and help accelerate their transition to electric,” said Mullen Automotive CEO and chair David Michery in the press release. “With both vehicles qualifying for the $7,500 federal tax credit, their Class 1 EV cargo van acquisition cost will reduce to $27,000 and Class 3 EV cab chassis truck will reduce to $61,000.”
In addition, Mullen also announced a 1-for-25 reverse stock split of its common stock; the value of stock will be $0.001 per share, effective May 4, 2023, at 12:01 a.m., ET. The company noted that it will continue to trade on the NASDAQ Capital Market under the existing symbol MULN. According to the announcement, the strategic move is intended to bring Mullen into compliance with the $1 minimum bid price requirement for maintaining its NASDAQ listing. The reverse stock split was approved during the company’s Jan. 19, 2023, special meeting of stockholders. The 1-for-25 reverse stock split will combine and convert 25 current shares of MULN common stock into one issued and outstanding share of common stock.
To view the full press releases, visit https://ibn.fm/Fr0wc and https://ibn.fm/oTYsl
About Mullen Automotive Inc.
Mullen Automotive is a Southern California-based automotive company building the next generation of electric vehicles (“EVs”) that will be manufactured in two company-owned United States-based assembly plants. Mullen’s EV development portfolio includes the Mullen FIVE EV Crossover, Mullen commercial class 1 and 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 all 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.
NOTE TO INVESTORS: The latest news and updates relating to MULN are available in the company’s newsroom at https://ibn.fm/MULN
About QualityStocksNewsBreaks
QualityStocksNewsBreaks provide a rapid summary of corporate news that catch the attention of QualityStocks. QualityStocksBreaks are designed to keep investors up to date on important and breaking news in the small-cap and micro-cap markets. Spanning all industries, including energy, entertainment, telecommunications, healthcare, retail and more, these news breaks deliver opportunities the investment community may have missed. Whether it is earnings results, mergers and acquisitions, or any other market-moving news, our news breaks keep you in the know. QualityStocks is committed to connecting subscribers with companies that have huge potential to succeed in the short and long-term future. It is part of our mission statement to help the investment community discover emerging companies that offer excellent growth potential.
QualityStocks (QS)
Scottsdale, Arizona
www.qualitystocks.com
480.374.1336 Office
Editor@QualityStocks.com
Please see full terms of use and disclaimers on the QualityStocks website applicable to all content provided by QS, wherever published or re-republished: http://www.qualitystocks.net/disclaimer.php
