What's Going On With Mullen Automotive Stock Today?

Mullen Automotive, Inc. MULN shares are moving on strong trading volume Tuesday. The company announced a 1-for-9 reverse stock split.

What To Know:

Mullen Automotive also announced a stock buyback program for the repurchase of up to $25 million in shares after the filing of its 10-Q and upon expiration of the blackout period.

"We believe the Company is highly undervalued and the stock buyback program represents a compelling use of our capital, reflecting confidence in our business," said David Michery, CEO of Mullen Automotive.

MULN shares are moving on above-average trading volume. According to data from Benzinga Pro, more than 120 million shares have already been traded in the session, compared to the stock's 100-day average of 245.662 million shares.

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MULN Price Action: According to Benzinga Pro, shares of MULN are trading 0.70% lower at 12 cents at the time of publication.

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