What's Going On With Mullen Automotive Stock Thursday?

Mullen Automotive Inc MULN shares are volatile. The company on Thursday announced the start of its $25 million buyback.

What Happened: Mullen said it repurchased 3.7 million shares on Wednesday and will continue to buy its shares back through Dec. 31. 

In addition to the company's share repurchases, Mullen highlighted open market buys from CEO David Michery this week. Michery purchased 102,040 shares at an average price of $0.9842 per share. 

"We believe that our stock is undervalued. The Company has begun production of our Class 3 EV with deliveries pending to customers and a strong balance sheet allowing us to execute on our business plan," Michery said.

The Nasdaq notified Mullen that it was not in compliance with continued listing requirements on March 7. The company has until Sept. 5 to meet the minimum bid price requirement of $1 per share. The Nasdaq generally requires a company to maintain a price above $1 per share for ten consecutive days to demonstrate ability to maintain long-term compliance. 

See Also: What's Going On With Fisker Stock Thursday?

MULN Price Action: Mullen shares were trading lower premarket before staging a recovery. The stock was up 0.32% at 98 cents at the time of publication, according to Benzinga Pro.

Photo: courtesy of Mullen.