What's Going On With Mullen Automotive Stock?

Mullen Automotive, Inc. MULN shares are volatile Tuesday after the company effected a 1-for-100 reverse stock split. 

The Details:

Mullen Automotive shares began trading on a post-reverse split basis at the market open Tuesday. The stock was halted for volatility to the upside just after the opening bell, but has since reversed significantly and is trading more than 11% lower on the session. According to data from Benzinga Pro, Mullen Automotive shares are down 61% over the past month.

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Also on Tuesday, Mullen announced the addition of full-service dealer, Papé Kenworth, to its commercial EV dealer network. Papé Group, which includes Papé Kenworth, consists of five operating companies with over 150 locations in nine states, with 815 service bays and more than 1,500 technicians.

“Papé Kenworth is a hallmark dealer and distributor with unmatched and deep experience in supporting the nation’s fleet to meet its equipment and logistics needs,” said David Michery, CEO and chairman of Mullen Automotive. “Their extensive reach and expertise in the commercial vehicle industry will play a crucial role in introducing Mullen’s commercial EVs to a broader market.”

How To Buy MULN Stock:

Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.

For example, in Mullen Automotive's case, it is in the Consumer Discretionary sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.

MULN Price Action: According to Benzinga Pro, Mullen Automotive shares are down 11%.7 at $10.48 at the time of publication Tuesday. 

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Image: Courtesy of Mullen Automotive, Inc.