What's Going On With Mullen Automotive Stock?

Mullen Automotive, Inc. MULN shares are trading higher Thursday, and the stock is up more than 55% over the last five days. Here's a look at what's going on.

What To Know:

Mullen Automotive announced the delivery of 63 additional Class 3 vehicles to Randy Marion Automotive Group for an invoiced value of $3.969 million on Tuesday.

"We are laser-focused on hitting our commitment to deliver 150 Mullen Threes by end of this year," said David Michery, CEO of Mullen Automotive.

Mullen also announced the completed development of its solid-state polymer cell to pack integration for Mullen One Class 1 EV cargo vans. Pack level testing is set to kick off on Dec. 28 and the company remains on schedule to begin on-vehicle road testing of the solid-state polymer packs in the Class 1 EV cargo van in early 2024.

On Thursday, the company announced the delivery of 50 all-electric Mullen One, Class 1 cargo vans to Randy Marion Automotive Group with an invoiced value of $1.68 million. The company also stated that it anticipates shipping and invoicing a total of 285 Mullen One cargo vans within the next five business days to Randy Marion Automotive Group.

Mullen Automotive shares effected a 1-for-100 reverse stock split on Dec. 21.

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MULN Price Action: According to Benzinga Pro, Mullen Automotive shares are up  15% at $12.65 at the time of publication.

Image: Tayeb Mezhadia from Pixabay