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Nasdaq grants Mullen 180-day extension to meet minimum $1 bid price

Published 2023-03-08, 12:48 p/m
© Reuters.
MULN
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By Michael Elkins

Electric vehicle company, Mullen Automotive Inc (NASDAQ:MULN) announced Wednesday that Nasdaq has approved the Company’s request for a 180-day extension to meet the $1 minimum bid price requirement. If Mullen stock fails to trade above $1 for a minimum of 10 consecutive business days prior to Sept. 5, 2023, the company will implement a reverse stock split to cure the Deficiency prior to the expiration of the additional 180-day compliance period.

“Consistent with my message to our shareholders, we will use our best efforts to regain compliance to meet Nasdaq’s requirement for a $1 minimum bid price," said David Michery, CEO and chairman of Mullen Automotive.

Mullen went public in November of 2021 after its reverse merger transaction with Net Element. The company’s 52-week high stock price is $4.18. The stock closed Tuesday near $0.20 per share.

Shares of MULN are down 4.22% in mid-day trading on Wednesday.

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