Nasdaq Approves 180-Day Extension for Mullen Automotive to Meet Minimal $1 Bid Value
Firm Has Till Sept. 5, 2023, to Treatment the Minimal Bid Value Deficiency
BREA, Calif., March 08, 2023 (GLOBE NEWSWIRE) — by way of InvestorWire — Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Firm”), an rising electrical automobile (“EV”) producer, declares right this moment that Nasdaq has authorised the Firm’s request for a 180-day extension to satisfy the $1 minimal bid value requirement.
On Sept. 7, 2022, Nasdaq supplied discover to the Firm that, based mostly on the earlier 30 consecutive enterprise days, the Firm’s listed widespread inventory now not met the minimal $1 bid value per share requirement as set forth in Nasdaq Itemizing Rule 5810(c)(3)(A)(ii) (the “Deficiency”). The Firm was supplied 180 calendar days, or till March 6, 2023, to regain compliance.
If Mullen inventory fails to commerce above $1 for at least 10 consecutive enterprise days previous to Sept. 5, 2023, the Firm will implement a reverse inventory cut up to treatment the Deficiency previous to the expiration of the extra 180-day compliance interval.
“In step with my message to our shareholders, we are going to use our greatest efforts to regain compliance to satisfy Nasdaq’s requirement for a $1 minimal bid value,” mentioned David Michery, CEO and chairman of Mullen Automotive.
About Mullen
Mullen Automotive (NASDAQ: MULN) is a Southern California-based automotive firm constructing the following era of premium electrical autos (“EVs”) which might be reasonably priced and constructed completely in america. By an end-to-end ecosystem that helps homeowners from take a look at driving to financing and servicing by way of a singular hybrid dealership mannequin, prospects are supported by each facet of EV possession. Mullen’s EV growth portfolio contains the Mullen FIVE EV Crossover, Mullen Industrial Class 1-6 EVs and Bollinger Motors, which options each B1 and B2 electrical SUV vans and business choices. The Mullen FIVE, the Firm’s first electrical crossover, is slated for supply in 2024 and options an award-winning design and its patented PERSONA expertise that makes use of facial recognition to personalize the driving expertise for each particular person. On Sept. 7, 2022, Bollinger Motors turned a majority-owned EV truck firm of Mullen Automotive, and on Dec. 1, 2022, Mullen closed on the acquisition of all Electrical Final Mile Options’ (“ELMS”) property, together with IP and a 650,000-square-foot plant in Mishawaka, Indiana.
To study extra concerning the Firm, go to www.MullenUSA.com.
Ahead-Wanting Statements
Sure statements on this press launch that aren’t historic details are forward-looking statements throughout the that means of Part 27A of the Securities Alternate Act of 1934, as amended. Any statements contained on this press launch that aren’t statements of historic reality could also be deemed forward-looking statements. Phrases akin to “proceed,” “will,” “could,” “might,” “ought to,” “anticipate,” “anticipated,” “plans,” “intend,” “anticipate,” “imagine,” “estimate,” “predict,” “potential” and related expressions are meant to determine such forward-looking statements. All forward-looking statements contain important dangers and uncertainties that might trigger precise outcomes to vary materially from these expressed or implied within the forward-looking statements, lots of that are typically outdoors the management of Mullen and are tough to foretell. Examples of such dangers and uncertainties embody however will not be restricted as to whether the Firm can be profitable with its efforts to regain compliance with Nasdaq’s minimal $1 bid value with out effecting a reverse inventory cut up and the timing when the Firm could elect to implement a reverse inventory cut up if that’s the case determined or required. Extra examples of such dangers and uncertainties embody however will not be restricted to: (i) Mullen’s capacity (or incapability) to acquire further financing in enough quantities or on acceptable phrases when wanted; (ii) Mullen’s capacity to keep up current, and safe further, contracts with producers, elements and different service suppliers referring to its enterprise; (iii) Mullen’s capacity to efficiently develop in current markets and enter new markets; (iv) Mullen’s capacity to efficiently handle and combine any acquisitions of companies, options or applied sciences; (v) unanticipated working prices, transaction prices and precise or contingent liabilities; (vi) the flexibility to draw and retain certified staff and key personnel; (vii) antagonistic results of elevated competitors on Mullen’s enterprise; (viii) modifications in authorities licensing and regulation that will adversely have an effect on Mullen’s enterprise; (ix) the chance that modifications in shopper conduct might adversely have an effect on Mullen’s enterprise; (x) Mullen’s capacity to guard its mental property; and (xi) native, trade and basic enterprise and financial situations. Extra elements that might trigger precise outcomes to vary materially from these expressed or implied within the forward-looking statements could be present in the newest annual report on Type 10-Ok, quarterly experiences on Type 10-Q and present experiences on Type 8-Ok filed by Mullen with the Securities and Alternate Fee. Mullen anticipates that subsequent occasions and developments could trigger its plans, intentions and expectations to vary. Mullen assumes no obligation, and it particularly disclaims any intention or obligation, to replace any forward-looking statements, whether or not because of new info, future occasions or in any other case, besides as expressly required by regulation. Ahead-looking statements converse solely as of the date they’re made and shouldn’t 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
Company Communications:
InvestorBrandNetwork (IBN)
Los Angeles, California
www.InvestorBrandNetwork.com
310.299.1717 Workplace
[email protected]
