Mullen Automotive, Inc. (NASDAQ:MULN) shares are trading lower Friday. The company held its annual shareholders’ meeting on Thursday.
What To Know:
A potential reverse stock split was among the proposals being voted on at the Mullen Automotive shareholders’ meeting. Results of the meeting have not been released.
On Sept. 7, 2022, Nasdaq provided notice to the Company that, based on the previous 30 consecutive business days, the Company’s listed common stock no longer met the minimum $1 bid price per share requirement. On March 8, Nasdaq approved the Company’s request for a 180-day extension, through Sept. 5, to meet the $1 minimum bid price requirement. Mullen implemented a reverse stock split effective on May 4 to regain compliance with the Nasdaq minimum $1 bid price requirement.
MULN shares are moving lower on above-average trading volume. According to data from Benzinga Pro, more than 116 million shares have already been traded, compared to the stock’s 100-day average of 239.257 million shares.
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MULN Price Action: According to Benzinga Pro, shares of MULN are trading nearly 10% lower at 12 cents at the time of publication.
Image: Courtesy of Mullen Automotive, Inc.
