MULN - MULN Stock Alert: Mullen Announces Class 1 and 3 EV Pricing

2023-05-04 12:53:11 ET

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Shares of Mullen Automotive (NASDAQ: MULN ) stock are in full focus for two main reasons today.

First, MULN stock is now trading on a split-adjusted basis above $1, which satisfies the Nasdaq minimum price requirement. The electric vehicle (EV) company announced yesterday that it would enact a 1-for-25 reverse stock split , effective as of today. The reverse split was previously approved at Mullen’s last special meeting of stockholders.

Second, Mullen has released the manufacturer’s suggested retail price (MSRP) for the Mullen ONE and Mullen THREE, or the Class 1 EV cargo can and the Class 3 EV cab chassis truck, respectively. Both vehicles are eligible for a $7,500 federal tax credit.

MULN Stock: Mullen Disclose Prices for Mullen ONE and THREE

The Mullen ONE will carry a MSRP of $34,500 while the THREE will have a price of $68,500. After accounting for the $7,500 federal tax credit, the ONE will have a net price of $27,000 while the THREE will have a net price of $61,000. Mullen notes that there are other state incentives for the THREE as well, such as the California HVIP program . The program provides an up to “$45,000 incentive for commercial Class 3 products.”

CEO David Michery said the following in the news release:

“As more fleets focus on their sustainability goals addressing climate change, the net price points of our Mullen commercial products make this an easy choice and help accelerate their transition to electric […] With both vehicles qualifying for the $7,500 federal tax credit, their Class 1 EV Cargo Van acquisition cost will reduce to $27,000 and Class 3 EV Cab Chassis Truck will reduce to $61,000.”

The ONE has an estimated range of 110 miles and a max payload of 1,683 pounds. Mullen expects the vehicle to be the first Class 1 commercial EV cargo van for sale in U.S. markets. As of today, 19 of these vans have been delivered, while another 20 vans are expected to be delivered this month. Mullen also expects a 200-van purchase order this month.

Meanwhile, the THREE has an estimated range of 130 miles and a max payload of 5,802 pounds. Earlier this week, Mullen disclosed that it had received a $63 million purchase order for 1,000 THREE trucks from Randy Marion Automotive Group . Deliveries for the purchase order will begin in August.

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On the date of publication, Eddie Pan did not hold (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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