Shares of Mullen Automotive (NASDAQ: MULN) are currently trading at $0.32 with a gain of over 40%. Considering its a NASDAQ listed company, to stay compliant with NASDAQ listing criterions, MULN may need to trade above 1$ soon.
If a company trades for 30 consecutive business days below the $1.00 minimum closing bid price requirement, Nasdaq will send a deficiency notice to the company, advising that it has been afforded a “compliance period” of 180 calendar days to regain compliance with the applicable requirements.
Could today’s news be the signal that Mullen Automotive (NASDAQ: MULN) is ready to hit the 1$ mark ?
MULN has a 52 week high of over 15$ and this could just be the beginning to its journey back to the all time high. MULN had announced the US Bankruptcy Court approval on Oct. 13th, 2022 of its acquisition of electric vehicle company ELMS’s (Electric Last Mile Solutions) assets in an all cash purchase. In the Chapter 7 approved transaction, Mullen will acquire ELMS’s manufacturing plant, all inventory and intellectual property.
Other companies in Mullen Automotive’s space includes: XPeng (NYSE:XPEV), Phoenix Motor (NASDAQ:PEV), Fisker (NYSE:FSR), General Motors (NYSE:GM), Ford Motor (NYSE:F) and Tesla Inc (TSLA).