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Source: Sam the Leigh / Shutterstock.comMullen (NASDAQ:MULN) stock is losing power on Friday as the electric vehicle (EV) company’s shares slide lower.
There’s no specific news that’s behind the fall of MULN stock today. Instead, the company is coming off of a rally the last couple of days that had shares climbing higher. There were a couple of pieces of news behind those gains.
The first bit investors will remember is its deal for I-GO vehicles. These are electric delivery vehicles that the company will be selling in Europe. Sales for the I-GO will start in December and Mullen has the option of expanding to other countries with its license.
The second news that sent shares of MULN stock higher was an expanded promotional tour. The company revealed more dates for its promo tour showing off the upcoming Mullen Five. This is the company’s first EV that’s set to be delivered in 2024.
Why This Helped MULN Stock
Mullen has been through a bit of a rough time lately with investors. Not only has it dealt with cash issues, but supply chain constraints have pushed back its launch of the Mullen Five. For perspective, the company first showed off the EV back in 2021 but has yet to deliver a single unit.
Investors will note that MULN stock is still seeing decent trading volume today as it falls. This has some 110 million shares on the move as of this writing. That’s closing in on its daily average trading volume of about 117 million shares.
MULN stock is down 8.1% as of Friday afternoon.
Investors looking for more recent stock market news are in luck!
We’ve got all of that news ready to go in one place for traders! Among that is what has shares of Bed Bath & Beyond (NASDAQ:BBBY), GameStop (NYSE:GME), and Selina Hospitality (NASDAQ:SLNA) stock are on the move today. You can catch up on all of that at the following links!
More Stock Market News for Friday
- Dilution Alert: Bed Bath & Beyond Files to Sell $150 Million in BBBY Stock
- GameStop (GME) Stock Pops Amid ORTEX Short Squeeze Frenzy
- What Is Going on With Selina Hospitality (SLNA) Stock?
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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