MULN - Mullen Receives Favorable Decision from Nasdaq Hearings Panel | Benzinga
BREA, Calif., Oct. 26, 2023 (GLOBE NEWSWIRE) -- via IBN -- Mullen Automotive Inc. (NASDAQ:MULN) ("Mullen" or the "Company"), an emerging electric vehicle ("EV") manufacturer, announces today that the Nasdaq Hearings Panel ("Panel") has granted Mullen's request to continue its listing on The Nasdaq Capital Market, subject to the following conditions:
- on or before Jan. 22, 2024, the Company must demonstrate compliance with Listing Rule 5550(a)(2), by maintaining a closing bid price of $1 per share for 20 consecutive trading sessions; and
- on or before March 8, 2024, the Company must demonstrate compliance with Listing Rule 5620(a) by holding an annual shareholder meeting.
While the Company held an annual meeting on Aug. 3, 2023, and the proposals that were approved at such meeting including the election of directors are, and remain, valid, the Nasdaq Listing Qualifications Department determined that the meeting did not satisfy Listing Rule 5620(a) since the Company did not afford stockholders the opportunity to discuss Company affairs with management at the meeting. In order to demonstrate compliance, the Company plans to hold a combined 2023 and 2024 annual meeting.
"I am pleased Nasdaq gave the Company this opportunity to continue implementing its business plan. We are ...