Mullen Automotive Inc. (NASDAQ:MULN), an electric vehicle manufacturer, is making strategic moves to maintain its position on the Nasdaq Capital Market. On February 18, 2025, the company will implement a reverse stock split at a ratio of 60 for 1. This action is intended to help MULN meet the $1.00 minimum bid price requirement necessary for its continued listing.
The reverse stock split means that for every 60 shares of MULN owned, shareholders will receive one new share. This adjustment will result in a higher stock price, which is crucial for meeting Nasdaq's listing requirements. Despite this move, there is no guarantee that MULN will consistently meet the minimum bid price requirement post-split.
Currently, MULN's stock is priced at $9.90, having decreased by approximately 16.24%, or $1.92. The stock has shown volatility, with a daily range between $9.31 and $11.05. Over the past year, MULN's stock has seen a high of $54,839.99 and a low of $9.31, indicating significant fluctuations in its market performance.
MULN's market capitalization is approximately $643.41 million, reflecting the total market value of its outstanding shares. The trading volume for the day is 513,677 shares, showing active investor interest. The stock will continue to trade under the symbol MULN, with a new CUSIP number of 62526P604 post-split.
