Mullen Automotive Inc. (NASDAQ:MULN) (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, today announced that it received a letter from the Listing Qualifications Department of The Nasdaq Stock Market (the “Staff”). The letter indicates that the Company did not meet the Staff’s Sept. 5, 2023, deadline to regain compliance with Nasdaq Listing 5550(a)(2) due to the Company’s failure to maintain a minimum bid price of $1.00.
On Sept. 6, 2023, the Company requested a hearing before the Nasdaq Listing Qualifications Panel (“Panel”) to request a further extension of time and present its plan to regain compliance with Nasdaq Listing 5550(a)(2). Had the Company not requested this hearing, it would have been subject to delisting on Sept. 15, 2023.
The requested hearing typically stays any delisting or suspension action pending the issuance of a final decision by the Panel. The Panel has broad discretionary public interest authority, which includes the discretion to grant the Company up to an additional 180 calendar days from Sept. 5, 2023, to regain compliance. The Panel can also exercise that authority to apply additional or more stringent criteria for the continued listing of the Company’s common stock or suspend or delist securities. Ultimately, there is no guarantee that the Panel will grant an extension of the compliance period.
