Mullen Automotive, a prominent American automotive and electric vehicle manufacturer, experienced a surge in its stock prices on Tuesday, signaling a potential reversal of recent downward trends. Despite enduring a notable 15% loss in the past few days, the company’s shares are showing signs of recovery after a tumultuous month that witnessed a staggering 41.03% drop.
At the time of this publication, Mullen Automotive inc stock (MULN) has witnessed a surge.
Mullen Automotive Inc
Current Price: $0.27
Change : +0.01
Change (%): (5.83%)
Volume: 49.3M
Source: Tomorrow Events Market Data
Recent data on Mullen’s stock performance reveals a challenging trajectory:
– **5 Day Performance**: -11.83%
– **1 Month Performance**: -41.03%
– **3 Month Performance**: -76.80%
– **Year-to-Date Performance**: -99.58%
– **1 Year Performance**: -99.70%
The company’s fortunes took a positive turn last Thursday when Mullen Automotive announced that the Nasdaq Hearings Panel had granted its request to continue listing on the Nasdaq Capital Market. This continuation is contingent on specific conditions:
1. By January 22, 2024, Mullen must demonstrate compliance with Listing Rule 5550(a)(2) by maintaining a closing bid price of $1 per share for 20 consecutive trading sessions.
2. By March 8, 2024, the company must satisfy Listing Rule 5620(a) by holding an annual shareholder meeting.
The announcement offered a glimmer of hope to investors, bolstering confidence in the company’s ability to navigate the challenges it currently faces.
Mullen Automotive’s shares have emerged as a focal point of interest for both retail investors and short-sellers. Notably, MULN is presently among the most discussed tickers on Yahoo Finance. Data sourced from Benzinga Pro indicates that 16.39% of available MULN shares are being actively sold short, underlining the significant attention the stock has garnered within the investment community.
Achieving and sustaining compliance with Nasdaq’s listing requirements will be a critical milestone for Mullen, and investors will be closely scrutinizing the company’s efforts in the coming months.
