What's Going On With Mullen Automotive Stock Monday?

Mullen Automotive, Inc. MULN shares are trading lower on Monday. The company disclosed that Robert Bollinger, founder of Bollinger Motors, has provided $10 million in non-dilutive debt financing to bolster the production ramp-up and sales of the B4 Class 4 electric vehicle truck.

Bollinger Motors commenced full-scale production of its all-electric Class 4 truck, the Bollinger B4, in September.

The trucks are assembled at Roush Industries in Livonia, Michigan, featuring over 70% U.S.-made content.

David Michery, CEO and chairman of Mullen Automotive said, “Robert’s continued support and participation in the growth of Bollinger Motors demonstrates his ongoing commitment and is key to building the brand that carries his name.”

This month, the company disclosed the establishment of Mullen Credit Corporation (MCC) to support its growing dealership network with vehicle floor planning.

Earlier this month, the company stated that it aims to reach $75 million in GAAP revenue through commercial and Bollinger Motors sales, with a $12.5 million monthly average.

Also, Mullen Automotive planned a 20% headcount reduction, cutting spending by $5.5 million and eliminating the Mullen FIVE program.

Price Action: MULN shares are down 11.8% at $2.47 at the last check Monday.

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