Table of Contents

• Mullen Automotive Stock Rises Two Days in a Row
• Why does Mullen Stock Keep Rising? Exploring News Coverage affecting Mullen Automotive Stock Rally
• Mullen authorizes $25 million in share buyback program on June 6th
• Mullen retains attonerys to combat naked shortselling
• History of Splits and Reverse Splits
• Conclusion

Mullen Automotive Stock Rises Two Days in a Row

Mullen Automotive Group's stock rose by more than 60% on July 05, 2023, as the company announced revenue recognition for the sale of 22 EV cargos to the Randy Marion Automotive Group in North Carolina. Randy Marion is one of the largest car dealership in the Carolinas.

Following an impressive rally exceeding 60% on the first day, Mullen's stock moved further higher on the next trading day, rising more than 30%.

$MULN stock prices have more than doubled in the last two trading days.

Why does Mullen Stock Keep Rising? Exploring News Coverage affecting Mullen Automotive Stock Rally

1. Mullen authorizes $25 million in share buyback program on June 6th

In the belief that the company's stock is significantly undervalued compared to the assets in their balance sheet, the Board of Directors at Mullen Automotive has authorized a stock buyback program under which the company may purchase up to $25 million in shares outstanding of their common stock. The buyback is NOT an obligation, however, and the company may end up not buying back any shares.

The news of the buyback announcement rallied MULN stock as high as $0.32. Mullen's stock had more than doubled in the last two days from an all-time low of $0.1 per share.

2. Mullen retains attonerys to combat naked shortselling

Mullen Automotive has received information from ShareIntel, a company that specializes in identifying market manipulation schemes, suggesting that its stock may have been the target of a market manipulation scheme involving illegal naked short selling. To investigate and potentially take legal action, the company has retained the law firm Christian Attar, formerly known as Christine Levine Law Group, in partnership with Warshaw Burstein, LLP. These law firms have successfully prosecuted similar cases in the past, recovering millions of dollars for their clients.

Upon the press release, Mullen's stock rose by more than 60% on market close on June 5th.

History of Splits and Reverse Splits

Mullen Automotive has experienced massive stock alterations in forms of splits and reverse splits in their operating history. The company's recent reverse-split happened on May 04, 2023 on a reverse 1 for 25 split. After the reverse split, Mullen Shareholders who held 25 units of the company's stock saw their stock consolidate to 1 unit.

Mullen Automotive's stock has a history of stock units alteration with 3 instances of reverse splits till now.

Conclusion

In Mullen Automotive Inc ($MULN), we see a stock with significant trading volume exceeding more than a billion shares traded daily, rise by more than 100% in the last two trading days. The company's executives and the board believe the stock is significantly undervalued and have authorized a share buyback of $25 million, which will remove a significant portion of existing shares out of the market. The company also has a strong belief that their stock is a target of illegal short-selling activities and have partnered with a prestigious law firm to further explore short selling activities relating to their stock.

Disclaimer: We hold a position in $MULN Stock.