KSS - Mullen (MULN) Stock Pops 4% on ELMS Funding News
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Mullen (NASDAQ:MULN) stock is on the move Thursday following news of the EV company acquiring $150 million in funding for its purchase of ELMS assets.
ELMS holds several assets that Mullen plans to use in its production of EVs. That includes the company’s factory in Mishawaka, Ind, which is capable of churning out 50,000 vehicles per year.
In addition to that, it’s acquiring all intellectual property belonging to ELMS. With that comes data for the manufacturing of Class 1 van and Class 3 Cab Chassis. The company’s inventory, which is made up of finished and unfinished vehicles, is also part of the asset purchase.
Finally, the ELMS asset purchase also includes the systems that support the manufacturing of vehicles. With that comes “equipment, machinery, supplies, computer hardware, software, communication equipment, data networks, as well as data storage.
More Details on the Funding
According to Mullen, it’s the acquisition of ELMS assets will be complete in the near future. That will pave the way for the company to strengthen its standing in the EV market. Also, the funding it acquired will support the engineering, preparation, and launch of the company’s EVs.
With today’s news comes strong trading volume as around 138 million shares change hands. That’s closing in on MULN stock’s daily average trading volume of about 147 million shares.
MULN stock is up 4.1% as of Thursday morning.
Investors looking for more of the most recent stock market news will want to keep reading!
InvestorPlace is home to all of the hottest stock market news for Thursday! That includes what has shares of Kohl’s (NYSE:KSS), CytomX Therapeutics (NASDAQ:CTMX), and DLocal Limited (NASDAQ:DLO) stock moving today. You can catch up on all of that news at the following links!
More Thursday Stock Market News
- Why Is Kohl’s (KSS) Stock on the Move Today?
- Why Is CytomX Therapeutics (CTMX) Stock Up 29% Today?
- DLO Stock Alert: What to Know About the Muddy Waters Short Report on DLocal
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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