What's Going On With Mullen Automotive Stock Friday?

Mullen Automotive, Inc. MULN shares are volatile Friday. The stock began trading on a 1-for-9 split-adjusted basis at the market open.

What To Know:

Mullen effected a 1-for-9 reverse stock split at 12:01 a.m. ET on Friday.  The company stated that the reverse stock split is intended to bring the Company into compliance with the $1.00 minimum bid price Nasdaq requirement.

On Sept. 7, 2022, Nasdaq provided notice to the Company that, based on the previous 30 consecutive business days, the Company's listed common stock no longer met the minimum $1 bid price per share requirement. On March 8, Nasdaq approved the Company's request for a 180-day extension, through Sept. 5, to meet the $1 minimum bid price requirement.

Shares of MULN are moving on heavy trading volume. According to data from Benzinga Pro, more than 31.5 million shares have been traded in the session, compared to the stock's 100-day average of 28.739 million shares.

Related News: What's Going On With IonQ Stock Today?

MULN Price Action: According to Benzinga Pro, shares of MULN are trading up by 1.77% at $1.04 at the time of publication.

Image: qimono from Pixabay