MULN - Mullen stock slides nearly 60% in May despite spate of business updates

2023-05-26 14:51:12 ET

Mullen Automotive ( NASDAQ: MULN ) has rapidly provided investors with updates for the month of May, though it has done little to stem the slide for the EV startup’s stock.

In the month of May alone, the Brea-based EV company has issued more than 10 news updates on the progress of its business.

This began with the announcement that UNC Charlotte has now p urchased a total of 15 Campus EV cargo vans with order fulfillment commencing this month, followed by the announcement of a triple digit order of vehicles by Randy Marion Auto Group, which was then followed by a manufacturing update , a stock split announcement , and pricing details on its Class 1 EV Cargo Van. So wrapped just the first week of May.

The second week of May included a $15.755M contract with MGT Lease Company to purchase 250 all-electric commercial class 3 cab chassis EV trucks. The next week included another update on on factory activities , an update on a pilot program contract for a fleet of city government vehicles in Washington, D.C., a financial update , another update on delivery and testing of vehicles at Randy Marion Automotive, the projection of production of vehicles to be kickstarted in Mississippi in July, and the lauding of the stock’s trend above $1 for a period of 10 days.

Shares have since trended back below $1 despite the continued spate of press releases, including a partnership with Amerit Fleet Solutions to provide national fleet servicing in support of Mullen’s commercial vehicles on Tuesday.

Mullen Automotive ( MULN ) stock slipped 13.65% on Friday, adding to a 20% drop in the past week that has placed the stock back in non-compliance territory. Shares have slumped nearly 90% since the start of 2023 and are down nearly 60% in just the past month.

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