Why Mullen Automotive Stock Is Charging Higher

Mullen Automotive Inc. MULN shares are trading higher after the company announced it received a favorable decision from the Nasdaq Hearings Panel.

The Details:

Mullen Automotive announced on Thursday that the Nasdaq Hearings Panel has granted Mullen's request to continue its listing on the Nasdaq Capital Market, subject to the following conditions:

• On or before Jan. 22, 2024, the Company must demonstrate compliance with Listing Rule 5550(a)(2), by maintaining a closing bid price of $1 per share for 20 consecutive trading sessions; 
• On or before March 8, 2024, the Company must demonstrate compliance with Listing Rule 5620(a) by holding an annual shareholder meeting.

"I am pleased Nasdaq gave the Company this opportunity to continue implementing its business plan. We are diligently working to regain and maintain compliance with Nasdaq's continued listing requirements," said David Michery, CEO of Mullen Automotive.

Shares of MULN are up on heavy trading volume following the announcement Thursday. According to data from Benzinga Pro, more than 97.6 million shares have been traded in the session, compared to the stock's 100-day average of 57.091 million shares

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MULN Price Action: According to Benzinga Pro, shares are 19.5% at 31 cents at the time of publication.

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