What's Going On With Mullen Automotive Stock Today?

Mullen Automotive Inc MULN shares are trading higher Thursday on the heels of a letter to shareholders. 

What Happened: Mullen highlighted its cash position of $135 million in a letter to shareholders and said it believes it's currently trading at a discount relative to its cash holdings. The company also noted that its stock has declined 90% since the end of March.

"Despite the decline in stock price, management believes we are in position to meet the previously announced objectives for moving first into the production and then sale of our Class 3 commercial vehicles during the quarter ending Sept. 30, 2023," the company said. 

The company further highlighted its cash available to operations and made note of its book value per share of $2.08 at the end of the prior quarter. 

Mullen also said its new manufacturing facility is in the final stages of equipment installation for its Class 3 production launch anticipated in the quarter ending in September. The company also noted that it has already received $279 million in purchase orders from Randy Marion Automotive Group for Class 1 and Class 3 EV vans and trucks.

See Also: Target Boosts Dividend By 1.9%

MULN Price Action: Mullen shares were up 6.71% at 24 cents at the time of publication, according to Benzinga Pro.

Photo: Markus Distelrath from Pixabay.