MULN - Mullen Automotive says it has sufficient capital for at least 12 months

2023-06-21 07:57:15 ET

Mullen Automotive ( NASDAQ: MULN ) announced on Wednesday an investor financing moratorium for the balance of 2023.

The electric vehicle maker disclosed that it has sufficient capital on hand for at least the next 12 months and noted company assets are unencumbered with the exception of $7.3M outstanding debt.

Mullen Automotive ( MULN ) said it continues to trade at a steep discount to its current cash position of $135M.

Despite the decline in stock price, MULN management believes the company has already met or is positioned to meet the previously announced objectives. In addition to the financial update, Mullen Automotive ( MULN ) highlighted two completed acquisitions that it said added valuable, unencumbered assets to the balance sheet totaling $253M for majority ownership in Bollinger Motors and certain assets related to Electric Last Mile Solutions.

Shares of Mullen Automotive ( MULN ) moved up 17% in premarket trading to $0.19 after falling more than 29% on Tuesday.

More on Mullen Automoptive:

• Mullen Automotive Stock Is Not Worth Your Hard-Earned Money
• Mullen Automotive: Risk-Reward Is Unfavorable
• Growth metrics on Mullen Automotive
• Recent options trades on Mullen Automotive

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