Mullen Ramps Up, Delivers 63 Electric Trucks Worth $3.97M To Randy Marion

On Tuesday, Mullen Automotive, Inc. MULN said 63 additional Class 3 vehicles Were delivered to Randy Marion Automotive Group for $3.97 million.

To date, the company has delivered 121 Mullen THREEs to Randy Marion for $7.62 million. 

Mullen Automotive is on track to deliver 150 Mullen THREEs by the end of 2023.

The "All-Electric" Mullen THREE is a Class 3 low cab forward EV truck featuring a robust payload and 125-mile range. 

The Mullen THREE was purpose-built to meet the demands of urban last-mile delivery. 

Also Read: Mullen Inks Class 3 Vehicle Purchase Order With NRTC Automation

The chassis has a clean top-of-rail design for easy upfitting with bodies up to 14 feet long and over 5,300 pounds of payload.

Randy Marion has committed to 1,000 Class 3 vehicles for a total of $63 million, with the majority of the vehicles to be delivered in the calendar year 2024. 

As previously reported, Class 3 production at the Tunica, Mississippi, facility is planned for 150 vehicles for 2023, with total capacity for Class 3 planned at 3,000 vehicles annually per shift.

Meanwhile, on December 19, the company announced a 1-for-100 reverse stock split, which came into effect yesterday (December 21). 

The reverse stock split is primarily intended to bring the company into compliance with the $1.00 minimum bid price requirement for maintaining its listing on Nasdaq.

In October, the company announced that it received a favorable decision from the Nasdaq Hearings Panel. 

However, it was subject to certain conditions (including the minimum bid price notion).

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Price Action: MULN shares are trading lower by 2.87% to $9.56 on the last check Tuesday.

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