Mary Winter, CEO of Mullen Automotive Inc. (NASDAQ: ), recently reported sales of company stock worth a total of $109,022. The stock, currently trading at $0.83, has seen a dramatic decline of 99.94% over the past year according to InvestingPro data. The transactions, disclosed in an SEC filing, took place at prices ranging from $33.90 to $678.00 per share. Following these sales, Winter retains ownership of 163,001 shares, including the recent acquisition of 175,000 shares granted under the 2022 Equity Incentive Plan. These transactions reflect adjustments following Mullen Automotive’s December 2023 and September 2024 reverse stock splits. With a market cap of just $7.32 million and a WEAK financial health rating, InvestingPro subscribers can access 19 additional key insights into MULN’s financial position ahead of its next earnings report on January 17.
In other recent news, Mullen Automotive has made significant progress in its business, with a significant increase in electric vehicle (EV) sales and a reduction in monthly costs. The company generated $5.5 million in proceeds from the sale of 100 Class 1 and 3 EV cargo vans and trucks. Mullen Automotive also secured $4.4 million in additional financing through the issuance of senior secured convertible notes and related warrants.
The company also expanded its plans to manufacture batteries in the United States, investing $12 million in battery development and production. Mullen Automotive’s subsidiary, Bollinger Motors, has expanded its national dealership network to include the Mid-Atlantic and Midwest regions.
Additionally, Mullen Automotive issued new convertible bonds and warrants, as part of the company’s efforts to raise capital to support its operations and growth strategies. The company also reached a settlement agreement related to a derivative suit filed against it, agreeing to implement management improvements and pay attorneys’ fees.
In addition, Mullen Automotive received significant orders for its electric commercial vehicles from Associated Coffee and TEC Equipment. The company also announced strategic partnerships with Emerald Transportation Solutions and National Auto Fleet Group. These are the latest achievements of Mullen Automotive.
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